It’s an underpublicised certainty that a Burnham On Crouch residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the loss of value being disguised by increases in the Burnham On Crouch property prices.Where your lease has approximately ninety years left, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls under eighty years - otherwise a higher amount will be payable. Most 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 be entitled. There are also strict deadlines and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancer for the duration of the process.
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Halifax | |
| Nationwide Building Society | |
| The Mortgage Works |
Lease extensions in Burnham On Crouch can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor with experience in this area.
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 in-depth market knowledge dealing with Burnham On Crouch lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Reuben owned a studio flat in Burnham On Crouch on the market with a lease of a little over 59 years unexpired. Reuben on an informal basis approached his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Reuben to invoke his statutory right. Reuben obtained expert advice and secured satisfactory resolution without resorting to tribunal and sell the property.
In 2009 we were phoned by Mrs Freya Anderson who, having purchased a one bedroom flat in Burnham On Crouch in February 1999. The question was if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Comparative premises in Burnham On Crouch with a long lease were worth £265,000. The mid-range ground rent payable was £50 invoiced monthly. The lease ended on 8 October 2099. Considering the 73 years unexpired we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of legals.
In 2009 we were phoned by Mr Jason Gunderson who, having moved into a basement flat in Burnham On Crouch in November 2012. The dilemma was if we could approximate the price could be for a 90 year lease extension. Comparable residencies in Burnham On Crouch with a long lease were worth £264,000. The average ground rent payable was £60 billed annually. The lease terminated in 2079. Taking into account 53 years remaining we estimated the compensation to the landlord to extend the lease to be within £37,100 and £42,800 exclusive of fees.