Main reasons to commence your Burton upon Trent lease extension

Top reasons for lease extension now:

Increase your lease and increase your Burton upon Trent property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will normally be granted for a prescribed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Burton upon Trent. Clearly, the period of lease remaining shortens over time. This may pass by relatively unnoticed when the property has to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension. Eligible leaseholders in Burton upon Trent have the right to extend the lease for a further ninety years under statute. Do give careful attention before putting off your Burton upon Trent lease extension. Putting off that expense now likely increases the price you will eventually incur for a lease extension

An extended lease is almost the same value as a freehold

Leasehold properties in Burton upon Trent with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.

Lending institutions may decide not to loan monies on a short lease

Nearly all mortgage lenders insist on a lengthy amount of time left on a leasehold residence before they will consider it as adequate security. Regardless of whether you require a mortgage, you should be conscious that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so if they can't get a mortgage, then the financial worth of the property will likely be adversely impacted. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are willing to accept

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

Lease extensions in Burton upon Trent can be a difficult process. We recommend you secure guidance from a lawyer and valuer with experience in this area.

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 upon Trent lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Burton upon Trent Lease Extension Case Summaries:

Blake, Burton upon Trent, Staffordshire

Two years ago Blake, came critically near to the 80-year threshold with the lease on his studio flat in Burton upon Trent. Having bought his home twenty years previously, the length of the lease was of minimal interest. As luck would have it, he noticed he needed to take action soon on a lease extension. Blake arranged for a lease extension just ahead of time in March. Blake and the landlord subsequently settled on an amount of £5,000 . If he not met the deadline, the price would have become more exhorbitant by at least £1,025.

Burton upon Trent case:

Last October we were approach by Dr P Bailey , who took over the lease of a purpose-built apartment in Burton upon Trent in January 2000. The question was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Similar residencies in Burton upon Trent with an extended lease were in the region of £250,400. The average amount of ground rent was £65 billed per annum. The lease expired on 28 February 2090. Taking into account 64 years left we estimated the compensation to the landlord to extend the lease to be within £19,000 and £22,000 plus legals.

Burton upon Trent case:

Mrs F Thompson bought a purpose-built apartment in Burton upon Trent in June 2012. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by an additional years. Similar residencies in Burton upon Trent with 100 year plus lease were in the region of £189,000. The average ground rent payable was £55 collected every twelve months. The lease expired on 8 November 2079. Considering the 53 years remaining we calculated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 exclusive of legals.