Main reasons to start your Burnham lease extension
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Why you should commence your Burnham lease extension today: </h3>
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/burnham">Burnham</a> property value </h4>
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Burnham leases on domestic properties are gradually losing value. if your lease has in the region of 90 years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you start paying an additional element called marriage value. Flat owners in Burnham will usually be legally entitled to a lease extension; however a solicitor will check your eligibility. In certain situations you may not be entitled. There are also strict deadlines and formalities to comply with once the process has started so it’s prudent to be guided by a lawyer during the process.
<h4>Burnham property with a lease extension has roughly the same value as a freehold</h4>
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Leasehold residencies in Burnham with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it. <h4>Mortgage lenders may not lend with a short lease</h4> Mortgage Lenders differ in their lending requirements. Some draw the line at 75 years remaining on the lease; others may be happy with anything in excess seventy years. Below sixty years, it may be impossible to get a mortgage in the first place.
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<th> Requirement
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<td>Birmingham Midshires</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Halifax</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Skipton Building Society</td>
<td> 85 years from the date of completion of the mortgage<br /><br />For Buy to Let cases:<br />- lettings must not breach any of the lessee’s covenants; and<br />- consent of the lessor to lettings must be obtained if necessary
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<td>Virgin</td>
<td> 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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<td>Yorkshire Building Society</td>
<td> 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.
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<h4> Get in touch with one of our Burnham lease extension solicitors or enfranchisement solicitors
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<p> Using our service will provide you enhanced control over the value of your Burnham leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell.
The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions. <h4>
Burnham Lease Extension Example Cases:
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<h5> Isaac, Burnham, Buckinghamshire</h5>
<p> Two years ago Isaac, came critically near to the eighty-year mark with the lease on his studio flat in Burnham. Having bought his home 18 years previously, the lease term was of no bearing. by good luck, he realised he would imminently be paying way over the odds for a lease extension. Isaac was able to extend his lease at the eleventh hour last January. Isaac and the freeholder via the managing agents in the end settled on a premium of £6,000 . If he failed to meet the deadline, the price would have gone up by at least £900.
<h5>Burnham case:</h5>
<p> Dr J Petit completed a one bedroom apartment in Burnham in July 2008. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparative homes in Burnham with 100 year plus lease were in the region of £184,000. The average ground rent payable was £55 billed quarterly. The lease ran out on 16 April 2079. Taking into account 53 years unexpired we estimated the premium to the landlord to extend the lease to be within £28,500 and £33,000 not including costs.
<h5>Burnham case:</h5>
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In 2011 we were e-mailed by Dr Erin Hernández who, having took over the lease of a one bedroom apartment in Burnham in January 1997. We are asked if we could approximate the premium would likely be to prolong the lease by an additional years. Comparable properties in Burnham with 100 year plus lease were worth £290,000. The mid-range amount of ground rent was £45 invoiced annually. The lease termination date was on 4 November 2099. Having 73 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of legals.
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