Unfortunately that a Burnham On Crouch residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the early years due to the depreciation being disguised by increases in the Burnham On Crouch property market.Once your lease gets to 85ish years, you should start thinking about a lease extension. If lease term drops below 80 years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of leasehold owners in Burnham On Crouch will be able to extend under the legislation; however a conveyancing solicitor will be able to clarify if you qualify for an extension. In some situations you may not qualify. There are also strict timetables and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancer for the duration of the process.
Leasehold residencies in Burnham On Crouch with more than 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Barnsley Building Society | |
| National Westminster Bank | |
| TSB |
Using our service will provide you increased control over the value of your Burnham On Crouch leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Luca was the the leasehold owner of a conversion apartment in Burnham On Crouch on the market with a lease of a few days over 72 years remaining. Luca on an informal basis spoke with his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £50 yearly. No ground rent would be payable on a lease extension were Luca to exercise his statutory right. Luca procured expert advice and secured satisfactory resolution informally and sell the property.
In 2012 we were approached by Mr and Mrs. P Ramírez who, having bought a one bedroom flat in Burnham On Crouch in March 1999. The question was if we could approximate the price would be to prolong the lease by 90 years. Comparative homes in Burnham On Crouch with an extended lease were worth £191,000. The mid-range amount of ground rent was £65 invoiced monthly. The lease lapsed in 2084. Considering the 58 years outstanding we calculated the premium to the landlord to extend the lease to be within £23,800 and £27,400 not including fees.
In 2009 we were phoned by Mr and Mrs. F Stewart who, having purchased a studio apartment in Burnham On Crouch in October 1997. The dilemma was if we could approximate the price would likely be to prolong the lease by an additional years. Identical residencies in Burnham On Crouch with 100 year plus lease were valued around £250,000. The average amount of ground rent was £50 invoiced every twelve months. The lease finished in 2095. Taking into account 69 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of expenses.