Burnham Lease Extension - Free Consultation

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Why you should start your Burnham lease extension


Top reasons for lease extension now:

Increase your lease and increase your Burnham property value

The value of Burnham leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase materialy once the remaining term is below than eighty years

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not loan monies on a short lease

Most banks have constrained their lending criteria in the last ten years and borrowers are encountering difficulties in arranging finance or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are considered to be unacceptable for lending purposes.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Burnham?

Lease extensions in Burnham can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer 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 a wealth of experience dealing with Burnham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Burnham Lease Extension Example Cases:

Jonathan, Burnham, Buckinghamshire,

Jonathan owned a studio flat in Burnham on the market with a lease of a few days over 59 years outstanding. Jonathan on an informal basis contacted his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 per annum. No ground rent would be payable on a lease extension were Jonathan to invoke his statutory right. Jonathan obtained expert legal guidance and was able to make an informed judgement and handle with the matter and sell the flat.

Burnham case:

Last Summer we were phoned by Dr Erin Thomas , who completed a purpose-built apartment in Burnham in May 2006. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Identical premises in Burnham with a long lease were worth £205,000. The mid-range ground rent payable was £50 billed monthly. The lease expiry date was on 8 May 2102. Having 78 years remaining we estimated the premium to the landlord for the lease extension to be between £7,600 and £8,800 exclusive of expenses.

Burnham case:

Ms Tia Brown completed a newly refurbished apartment in Burnham in August 2000. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Comparable residencies in Burnham with 100 year plus lease were in the region of £267,600. The average amount of ground rent was £65 billed every twelve months. The lease expired in 2091. Considering the 67 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £14,300 and £16,400 plus fees.