Why you should start your Burghfield Common lease extension

Main reasons to commence your Burghfield Common lease extension today:

Increase your lease and increase your Burghfield Common property value

Burghfield Common leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Legislation has been in place for sometime now which permits qualifying Burghfield Common residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Burghfield Common you should check if your lease has between seventy and 90 years remaining. There are good reasons why a Burghfield Common flat owner with a lease having around eighty years left should take steps to make sure that a lease extension is actioned without delay

An extended lease has roughly the same value as a freehold

Leasehold properties in Burghfield Common with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lending institutions may not loan monies on a short lease

Banks and building societies are really clamping down as regards to properties in Burghfield Common with short leases. For instance you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you wanted to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus narrowing your market.

What makes us experts in Burghfield Common lease extensions?

Lease extensions in Burghfield Common can be a difficult process. We recommend you obtain guidance from a lawyer and valuer with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Burghfield Common lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Burghfield Common Lease Extension Example Cases:

Madeleine, Burghfield Common, Berkshire,

After lengthy correspondence with the freeholder of her one bedroom apartment in Burghfield Common, Madeleine started the lease extension process just as her lease was coming close to the crucial 80-year threshold. The transaction completed in November 2011. The freeholder’s fees were kept to an absolute minimum.

Burghfield Common case:

Last Christmas we were called by Dr Tommy Davies , who acquired a one bedroom flat in Burghfield Common in January 1998. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Comparable properties in Burghfield Common with an extended lease were valued about £275,000. The mid-range amount of ground rent was £55 billed annually. The lease came to a finish in 2103. Considering the 77 years left we estimated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 plus fees.

Burghfield Common case:

Mrs I Lefebvre bought a ground floor apartment in Burghfield Common in March 2005. We are asked if we could approximate the premium would be for a ninety year extension to my lease. Comparable properties in Burghfield Common with an extended lease were worth £183,600. The average amount of ground rent was £65 invoiced annually. The lease elapsed in 2083. Given that there were 57 years left we estimated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 exclusive of professional charges.