Main reasons to start your Burnt Oak lease extension

Main reasons to start your Burnt Oak lease extension today:

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

There is no doubt about it a leasehold flat or house in Burnt Oak is a wasting asset as a result of the shortening lease. Where the residual term has, more than 99 years to run then this decrease may be of little impact however there will become a stage when a lease has fewer than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should consider extending sooner than later. The majority of flat owners in Burnt Oak will qualify for this right; however a lawyer can confirm if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

Burnt Oak property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions may not finance a property on a short lease

Many banks and building societies will not grant a mortgage on a lease with less than seventy years left to run - although this varies from lender to lender. A buyer will likely encounter difficulties in obtaining a mortgage and this could result in your Burnt Oak property becoming difficult to sell or to obtain finance on.

Why use us for your lease extension in Burnt Oak?

Lease extensions in Burnt Oak can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

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 procuring Burnt Oak lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Burnt Oak Lease Extension Case Studies:

Kian, Burnt Oak, North London,

Kian owned a studio flat in Burnt Oak on the market with a lease of fraction over 72 years unexpired. Kian on an informal basis spoke with his landlord 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 on the basis of a new rent at the outset set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Kian to invoke his statutory right. Kian procured expert legal guidance and secured satisfactory resolution without going to tribunal and readily saleable.

Burnt Oak case:

Last Summer we were contacted by Ms Naomi Garcia , who moved into a purpose-built apartment in Burnt Oak in June 1997. We are asked if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Comparative properties in Burnt Oak with 100 year plus lease were worth £250,400. The average ground rent payable was £65 collected per annum. The lease finished on 20 November 2090. Given that there were 64 years left we estimated the compensation to the landlord for the lease extension to be within £19,000 and £22,000 exclusive of legals.