Why you should start your Burnham On Crouch lease extension

Why you should commence your Burnham On Crouch lease extension today:

A Burnham On Crouch lease depreciates with the years remaining on the lease.

The value of Burnham On Crouch leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate significantly once the unexpired lease term is less than eighty years

An extended lease has roughly the same value as a freehold

Leasehold properties in Burnham On Crouch with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions will not issue a mortgage on a short lease

Lenders do not like short residential leases. You are likely to encounter problems if you want to sell your flat in Burnham On Crouch if the unexpired lease term is below the criteria set by most lenders. Different lenders have varying requirements but in the main they are looking for a minimum remaining lease term of seventy years.

Why use us for your lease extension in Burnham On Crouch?

Lease extensions in Burnham On Crouch can be a difficult process. We recommend you get professional help from a conveyancer and valuer well versed in the legislation and lease extension process.

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 procuring 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.

Burnham On Crouch Lease Extension Example Cases:

George, Burnham On Crouch, Essex,

George was the the leasehold proprietor of a high value apartment in Burnham On Crouch being sold with a lease of a little over 59 years remaining. George on an informal basis spoke with his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were George to exercise his statutory right. George obtained expert advice and was able to make a more informed judgement and deal with the matter and readily saleable.

Burnham On Crouch case:

Mr J James moved into a one bedroom flat in Burnham On Crouch in May 2003. The question was if we could estimate the price would likely be to prolong the lease by ninety years. Similar flats in Burnham On Crouch with an extended lease were in the region of £280,000. The mid-range ground rent payable was £55 collected per annum. The lease terminated in 2103. Taking into account 77 years outstanding we calculated the premium to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of fees.

Burnham On Crouch case:

Mr and Mrs. Y Roux was assigned a lease of a garden flat in Burnham On Crouch in February 1999. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by an additional years. Comparable residencies in Burnham On Crouch with a long lease were worth £183,600. The average ground rent payable was £65 invoiced annually. The lease ran out in 2083. Considering the 57 years remaining we estimated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of expenses.