Why you should 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

As the length of the unexpired term of a Burnt Oak domestic lease decreases so does its value and therefore the value of your property. If the lease has, in excess of 125 years to run then this decrease may be of little impact nevertheless there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main rational as to why you should consider extending sooner rather than later. Many flat owners in Burnt Oak will meet the qualifying criteria; that being said a lawyer can confirm whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

Burnt Oak property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to grant a mortgage on a short lease

Lenders are really clamping down as regards to homes in Burnt Oak with short leases. For example you might discover that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus reducing the amount of prospective buyers.

What makes us experts in Burnt Oak lease extensions?

Regardless of whether you are a tenant or a freeholder in Burnt Oak,the lease extension lawyers 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 Case Studies:

Amelia, Burnt Oak, North London,

Following unsuccessful discussions with the landlord of her first floor flat in Burnt Oak, Amelia commenced the lease extension process just as the lease was coming close to the critical 80-year deadline. The transaction was concluded in June 2009. The landlord’s fees were restricted to slightly above 500 pounds.

Burnt Oak case:

In 2010 we were e-mailed by Dr D Sharif who, having acquired a newly refurbished apartment in Burnt Oak in April 2005. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Similar homes in Burnt Oak with 100 year plus lease were worth £300,000. The average amount of ground rent was £50 collected every twelve months. The lease expired in 2102. Given that there were 76 years unexpired we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of expenses.