Top reasons for Burnley lease extension

Main reasons to commence your Burnley lease extension today:

Increase your lease and increase your Burnley property value

Burnley leases on domestic deteriorating in value. if your lease has approximately ninety years unexpired, you should start considering the need for a lease extension. If lease term is under eighty years, you will then have to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Burnley will mostly be legally entitled to a lease extension; however a solicitor will check if you qualify. In certain situations you may not be entitled. There are also strict deadlines and steps to follow once the process has commenced so it’s best to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to lend with a short lease

Banks and building societies do not like short residential leases. You are likely to encounter difficulties where you want to sell your flat in Burnley if the unexpired term of your lease is less than the criteria set by most mortgage companies. Different mortgage companies have different requirements but generally they are looking for a minimum remaining lease term of 65 years.

Why use us for your lease extension in Burnley?

Irrespective of whether you are a tenant or a freeholder in Burnley,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Burnley valuers.

Burnley Lease Extension Case Summaries:

Poppy, Burnley, Lancashire,

After protracted negotiations with the landlord of her ground floor flat in Burnley, Poppy commenced the lease extension process as the 80 year mark was fast advancing. The legal work completed in July 2012. The freeholder’s fees were kept to an absolute minimum.

Burnley case:

Mr and Mrs. S Patel owned a garden apartment in Burnley in November 2007. We are asked if we could estimate the price would likely be to extend the lease by an additional years. Comparative homes in Burnley with a long lease were in the region of £242,600. The average ground rent payable was £45 invoiced annually. The lease terminated on 23 January 2093. Taking into account 67 years left we calculated the compensation to the freeholder for the lease extension to be between £11,400 and £13,200 exclusive of costs.

Burnley case:

Mrs B Mason was assigned a lease of a basement apartment in Burnley in August 2006. The dilemma was if we could approximate the price would be to prolong the lease by a further 90 years. Similar premises in Burnley with a long lease were in the region of £280,000. The average amount of ground rent was £55 collected annually. The lease finished in 2104. Given that there were 78 years as a residual term we estimated the premium to the landlord to extend the lease to be within £13,300 and £15,400 not including professional charges.