Main reasons to start your Burton upon Stather lease extension

Main reasons to start your Burton upon Stather lease extension today:

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

For anyone whose Burton upon Stather property is held on a long lease, the message is clear – if nothing is done, the property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to procure a lease extension.

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

Leasehold premises in Burton upon Stather with more than one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies will not issue a mortgage on a short lease

Lenders will not lend on short residential leases. You most probably experience problems where you wish to sell your flat in Burton upon Stather if the remaining lease term is less than the criteria set by the majority of mortgage companies. Different mortgage companies have varying requirements but in the main theyrequire an unexpired term of at least seventy years.

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

The conveyancers that we work with procure Burton upon Stather lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Burton upon Stather Lease Extension Example Cases:

Felix, Burton upon Stather, Lincolnshire,

Felix owned a 2 bedroom apartment in Burton upon Stather being marketed with a lease of fraction over 72 years left. Felix informally spoke with his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £125 per annum. Ordinarily, ground rent would not be payable on a lease extension were Felix to invoke his statutory right. Felix obtained expert advice and secured satisfactory deal without resorting to tribunal and ending up with a market value flat.

Burton upon Stather case:

In 2012 we were phoned by Mr and Mrs. U Howard who, having acquired a basement apartment in Burton upon Stather in March 2004. We are asked if we could approximate the price would likely be to extend the lease by ninety years. Identical flats in Burton upon Stather with an extended lease were worth £248,000. The average ground rent payable was £65 invoiced per annum. The lease came to a finish in 2089. Considering the 63 years left we estimated the premium to the landlord for the lease extension to be within £20,000 and £23,000 not including fees.

Burton upon Stather case:

Mrs Aimee Gómez was assigned a lease of a garden apartment in Burton upon Stather in May 2002. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Similar flats in Burton upon Stather with an extended lease were in the region of £181,600. The average ground rent payable was £55 billed every twelve months. The lease came to a finish on 12 November 2078. Taking into account 52 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 plus costs.