Why you should commence your Burnham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Burnham property value

The market value of Burnham leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase substantially once the remaining term is less than 80 years

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions will not issue a mortgage with a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to become concerned at around 75 years. This will be problematic once you need to market or refinance your property as it will be effectively unmortgageable. You may have no imminent intention to sell but when you do your buyer will need to hold off for 2 years before they can exercise the right to a an extension to the lease.

What makes us experts in Burnham lease extensions?

Engaging our service gives you better control over the value of your Burnham leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Burnham Lease Extension Example Cases:

Ellie, Burnham, Buckinghamshire,

Following unsuccessful discussions with the landlord of her two bedroom apartment in Burnham, Ellie initiated the lease extension process as the 80 year deadline was fast advancing. The transaction completed in September 2007. The landlord’s costs were restricted to about 700 GBP.

Burnham case:

Last March we were e-mailed by Mrs Olivia Hernández , who acquired a first floor flat in Burnham in June 2009. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Comparative homes in Burnham with 100 year plus lease were worth £280,000. The mid-range ground rent payable was £45 collected per annum. The lease finished on 1 September 2096. Taking into account 70 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 not including costs.

Burnham case:

Last month we were called by Dr A González , who owned a garden flat in Burnham in February 2006. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Similar homes in Burnham with a long lease were worth £218,400. The mid-range amount of ground rent was £60 collected annually. The lease ended in 2085. Taking into account 59 years unexpired we approximated the premium to the freeholder for the lease extension to be between £27,600 and £31,800 not including legals.