Why you should start your Burton Bradstock lease extension

Top reasons for lease extension now:

A Burton Bradstock leasehold property depreciates with the years remaining on the lease.

Burton Bradstock residential property held on a long lease is a wasting asset as the leaseholder merely owns the property for a period of years.

Burton Bradstock property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for decades to come.

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

Lenders are really clamping down as regards to properties in Burton Bradstock with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus limiting your market.

Get in touch with one of our Burton Bradstock lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a freeholder in Burton Bradstock,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Burton Bradstock valuers.

Burton Bradstock Lease Extension Case Summaries:

Benjamin, Burton Bradstock, Dorset,

Benjamin owned a high value flat in Burton Bradstock on the market with a lease of fraction over fifty eight years remaining. Benjamin on an informal basis spoke with his landlord being a well known local-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Benjamin to invoke his statutory right. Benjamin procured expert legal guidance and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.

Burton Bradstock case:

Ms T Bertrand bought a one bedroom flat in Burton Bradstock in March 2002. The dilemma was if we could approximate the premium would be to prolong the lease by a further 90 years. Comparable properties in Burton Bradstock with 100 year plus lease were worth £210,600. The average amount of ground rent was £45 collected yearly. The lease expired on 28 August 2088. Given that there were 62 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £18,100 and £20,800 exclusive of professional charges.

Burton Bradstock case:

Last Christmas we were e-mailed by Dr Blake Parker , who owned a one bedroom flat in Burton Bradstock in February 2009. We are asked if we could estimate the compensation to the landlord would be for a ninety year lease extension. Comparable flats in Burton Bradstock with a long lease were in the region of £265,000. The mid-range amount of ground rent was £50 invoiced every twelve months. The lease expiry date was in 2099. Having 73 years unexpired we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus expenses.