Main reasons to start your Burnt Oak lease extension

Main reasons to commence your Burnt Oak lease extension today:

Increase your lease and increase your Burnt Oak property value

Unfortunately that a Burnt Oak residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the reduction being disguised by increases in the Burnt Oak property prices.Once your lease nears 85ish years, you should start thinking about a lease extension. If the number of years remaining falls below 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of leasehold owners in Burnt Oak will be able to extend under the legislation; however a lawyer should be able to clarify whether you are eligibility. In some situations you may not qualify. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer throughout the formalities.

An extended lease is almost the same value as a freehold

It is generally considered that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies may not issue a mortgage on a short lease

Banks and building societies are distinct in their lending criteria. Some draw the line at 75 years remaining on the lease; others may be prepared to lend with anything in excess 70 years. With less than 60 years, it may be challenging to get a mortgage in the first place.

What makes us experts in Burnt Oak lease extensions?

Regardless of whether you are a tenant or a landlord in Burnt Oak,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Burnt Oak valuers.

Burnt Oak Lease Extension Example Cases:

Finley, Burnt Oak, North London,

Finley owned a conversion flat in Burnt Oak on the market with a lease of a few days over sixty years remaining. Finley on an informal basis contacted his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Finley to invoke his statutory right. Finley procured expert legal guidance and secured satisfactory deal informally and readily saleable.

Burnt Oak case:

In 2013 we were called by Ms I Rogers who, having purchased a first floor apartment in Burnt Oak in September 2006. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Identical homes in Burnt Oak with 100 year plus lease were in the region of £275,000. The average amount of ground rent was £65 collected per annum. The lease ran out on 21 October 2094. Taking into account 68 years left we estimated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus legals.