Unfortunately that a Burwash residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the loss of value being disguised by increases in the Burwash property market.Where your lease has approximately ninety years left, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls below eighty years - otherwise a higher premium will be due. The majority of flat owners in Burwash will be able to extend under the legislation; however a conveyancing solicitor will be able to clarify if you are eligibility. In some situations you may not be entitled. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor from beginning to end of the formalities.
Leasehold properties in Burwash with over one hundred years left 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 premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Halifax | |
| The Mortgage Works | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Burwash can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and valuer with experience in lease extensions.
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 a wealth of experience procuring Burwash lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Noah was the the leasehold proprietor of a 2 bedroom apartment in Burwash on the market with a lease of a little over 61 years unexpired. Noah on an informal basis contacted his landlord a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £200 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Noah to invoke his statutory right. Noah procured expert legal guidance and secured an acceptable deal informally and readily saleable.
Mr and Mrs. K Bonnet moved into a garden apartment in Burwash in August 1998. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Identical premises in Burwash with 100 year plus lease were worth £260,200. The average ground rent payable was £65 invoiced per annum. The lease expired in 2092. Considering the 66 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £16,200 and £18,600 plus fees.
Mr Ali Lewis acquired a first floor flat in Burwash in April 2002. The question was if we could estimate the price would be to prolong the lease by a further 90 years. Identical residencies in Burwash with 100 year plus lease were valued about £198,800. The mid-range amount of ground rent was £55 collected every twelve months. The lease end date was in 2081. Considering the 55 years outstanding we calculated the premium to the landlord for the lease extension to be within £33,300 and £38,400 exclusive of legals.