Why you should start your Burton Latimer lease extension

Top reasons for lease extension now:

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

On the balance of probabilities where you own a flat in Burton Latimer you actually own a long leasehold interest over your property

Burton Latimer property with a lease extension is almost the same value as a freehold

Leasehold residencies in Burton Latimer with in excess of 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders may decide not to issue a mortgage on a short lease

Banks and Building Societies have specific criteria when loaning funds secured on leasehold homes. Some will simply refuse lend at all once an unexpired lease term slips lower than a certain unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired below 75 years as adequate security. As well as impacting your ability to sell, it is also relevant where you are intending to refinance your Burton Latimer property.

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

Lease extensions in Burton Latimer can be a difficult process. We recommend you get 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 in-depth market knowledge procuring Burton Latimer lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Burton Latimer Lease Extension Case Studies:

Harriet, Burton Latimer, Northamptonshire,

Off the back of protracted negotiations with the landlord of her first floor flat in Burton Latimer, Harriet commenced the lease extension process as the eighty year threshold was quickly coming. The transaction was finalised in September 2006. The landlord’s costs were kept to an absolute minimum.

Burton Latimer case:

Last Spring we were phoned by Mr and Mrs. V André , who owned a basement flat in Burton Latimer in November 1999. The question was if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparative premises in Burton Latimer with a long lease were in the region of £255,000. The average amount of ground rent was £50 invoiced per annum. The lease ended on 3 September 2097. Taking into account 71 years left we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of fees.

Burton Latimer case:

In 2009 we were approached by Dr F Dupont who, having completed a purpose-built flat in Burton Latimer in April 1995. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Similar homes in Burton Latimer with a long lease were in the region of £254,200. The average amount of ground rent was £60 invoiced every twelve months. The lease expiry date was in 2077. Considering the 51 years unexpired we calculated the premium to the landlord to extend the lease to be within £43,700 and £50,600 plus legals.