Top reasons for Burnt Oak lease extension

Main reasons to commence your Burnt Oak lease extension today:

A Burnt Oak leasehold property depreciates with the years remaining on the lease.

For those whose Burnt Oak property is held on a long lease, the message is clear – if nothing is done, your property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to extend the lease.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Burnt Oak with over one hundred years remaining 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 situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.

Mortgage lenders may decide not to grant a mortgage with a short lease

Mortgage lenders have set criteria when loaning monies secured on leasehold property. Many will simply refrain from lending at all once an unexpired lease term slips under a certain unexpired lease term. Many Lending institutions will not consider property with a remaining below seventy years suitable security. As well as impacting your ability to sell, it is also relevant where you are seeking to remortgage your Burnt Oak property.

Why use us for your lease extension in Burnt Oak?

Retaining our service gives you increased control over the value of your Burnt Oak leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Burnt Oak Lease Extension Case Studies:

Chantelle, Burnt Oak, North London,

In the wake of eight months of protracted correspondence with the freeholder of her basement flat in Burnt Oak, Chantelle initiated the lease extension process just as the lease was coming close to the critical 80-year threshold. The lease extension completed in July 2005. The landlord’s costs were kept to an absolute minimum.

Burnt Oak case:

Last Christmas we were phoned by Dr Lucas Lewis , who moved into a studio flat in Burnt Oak in September 1998. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by 90 years. Identical properties in Burnt Oak with a long lease were worth £218,400. The mid-range ground rent payable was £60 collected per annum. The lease ran out on 20 July 2085. Given that there were 59 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £27,600 and £31,800 not including professional charges.