Why you should commence your Burton upon Stather lease extension

Why you should start your Burton upon Stather lease extension today:

Increase your lease and increase your Burton upon Stather property value

The market value of Burton upon Stather leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase substantially once the unexpired lease term is less than 80 years

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

Leasehold premises in Burton upon Stather with over 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Lending institutions may not grant a mortgage with a short lease

Mortgage companies do not like short residential leases. You most probably experience difficulties if you want to sell your flat in Burton upon Stather if the unexpired term of your lease is below the criteria set by most mortgage companies. Different lenders have different criteria but in the main they are looking for a minimum remaining lease term of seventy years.

Why use us for your lease extension in Burton upon Stather?

Regardless of whether you are a tenant or a landlord in Burton upon Stather,the lease extension experts 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 upon Stather valuers.

Burton upon Stather Lease Extension Example Cases:

Leon, Burton upon Stather, Lincolnshire,

Leon was the the leasehold proprietor of a studio apartment in Burton upon Stather being sold with a lease of just over 59 years unexpired. Leon on an informal basis contacted his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Leon to exercise his statutory right. Leon procured expert legal guidance and secured an acceptable deal without going to tribunal and sell the flat.

Burton upon Stather case:

In 2009 we were contacted by Mrs A Jones who, having purchased a studio flat in Burton upon Stather in November 2007. We are asked if we could estimate the premium could be to extend the lease by 90 years. Comparable residencies in Burton upon Stather with a long lease were in the region of £300,000. The average ground rent payable was £50 billed yearly. The lease end date was on 18 January 2101. Given that there were 75 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of legals.

Burton upon Stather case:

Last January we were contacted by Mr and Mrs. E Bertrand , who owned a one bedroom apartment in Burton upon Stather in June 2000. The question was if we could estimate the premium would be to extend the lease by 90 years. Similar residencies in Burton upon Stather with 100 year plus lease were worth £250,400. The average amount of ground rent was £65 collected per annum. The lease concluded in 2090. Having 64 years unexpired we approximated the premium to the freeholder to extend the lease to be within £19,000 and £22,000 plus fees.