Main reasons to start your Burnt Oak lease extension

Main reasons to commence your Burnt Oak lease extension today:

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

Owning a flat usually means owning a lease of the property, which has a finite term of years. The lease will usually be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Burnt Oak. Inevitably, the length of lease left shortens as time goes by. This may slip by relatively unnoticed when the flat or house has to be sold or refinanced. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension. Eligible leaseholders in Burnt Oak have the legal entitlement to extend the lease for a further 90 years under legislation. You should give careful attention before delaying your Burnt Oak lease extension. Holding off the cost now simply increases the price you will ultimately have to pay for a lease extension

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

Leasehold residencies in Burnt Oak with in excess of 100 years outstanding on the lease are often referred to as ‘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 purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may not finance a property on a short lease

Nearly all mortgage lenders 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 no doubt encounter difficulties to obtain a mortgage and this could result in your Burnt Oak property being difficult to dispose of or to obtain finance on.

Get in touch with one of our Burnt Oak lease extension solicitors or enfranchisement solicitors

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 relation to the lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Burnt Oak Lease Extension Case Summaries:

Kate, Burnt Oak, North London,

Off the back of unsuccessful discussions with the landlord of her basement apartment in Burnt Oak, Kate commenced the lease extension process as the eighty year mark was swiftly nearing. The lease extension was finalised in July 2010. The landlord’s charges were negotiated to about 450 GBP.

Burnt Oak case:

Last Spring we were called by Mr Finley Brooks , who acquired a recently refurbished flat in Burnt Oak in June 2002. The dilemma was if we could estimate the price could be for a 90 year extension to my lease. Similar properties in Burnt Oak with 100 year plus lease were valued about £285,000. The mid-range ground rent payable was £45 invoiced monthly. The lease terminated on 17 May 2098. Having 72 years remaining we estimated the premium to the landlord to extend the lease to be within £12,400 and £14,200 not including fees.