Main reasons to start your Bushey lease extension

Why you should commence your Bushey lease extension today:

Increase your lease and increase your Bushey property value

Bushey leases on domestic properties are gradually losing value. Where your lease has approximately ninety years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you start incurring an additional element called marriage value. Flat owners in Bushey will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to check your eligibility. In certain situations you may not be entitled. There are also strict timetables and procedures to comply with once the process has commenced so it’s sensible to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

Leasehold premises in Bushey with more than one hundred years left 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 property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.

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

Lenders are really restricting their approach as regards to homes in Bushey with short leases. For example you might discover that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you needed to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus narrowing the number of prospective buyers.

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

Lease extensions in Bushey can be a difficult process. We recommend you get professional help from a conveyancer and surveyor 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 a wealth of experience dealing with Bushey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bushey Lease Extension Example Cases:

Kian, Bushey, Hertfordshire

14 months ago Kian, came critically near to the 80-year mark with the lease on his purpose- built flat in Bushey. Having bought his property two decades ago, the length of the lease was of little importance. by good luck, he recognised he needed to take action soon on Extending the lease. Kian was able to extend his lease just ahead of time last January. Kian and the landlord who owned the flat above in the end settled on an amount of £6,000 . If the lease had gone lower than 80 years, the premium would have become more costly by at least £1,000.

Bushey case:

Mr and Mrs. H David completed a first floor flat in Bushey in October 2011. The dilemma was if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Comparative flats in Bushey with a long lease were worth £193,400. The average amount of ground rent was £65 invoiced every twelve months. The lease ended on 28 February 2085. Considering the 59 years outstanding we approximated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 exclusive of legals.