Main reasons to commence your Bushey lease extension

Why you should start your Bushey lease extension today:

A Bushey lease depreciates with the years remaining on the lease.

With a long leasehold property in Bushey, you are in fact renting it for a certain amount of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should consider a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly particularly once there are fewer than eighty years remaining. Leasehold owners in Bushey with a lease nearing 81 years left should seriously consider extending it as soon as possible. When the lease term has below 80 years outstanding, under the relevant statute the landlord is entitled to calculate and levy a greater premium, based on a technical computation, known as “marriage value” which is payable.

Bushey property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with over 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not grant a mortgage on a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly under 75 years as they are deemed to be inadequate security.

What makes us experts in Bushey lease extensions?

Retaining our service gives you enhanced control over the value of your Bushey leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Bushey Lease Extension Example Cases:

Abigail, Bushey, Hertfordshire,

Following protracted negotiations with the landlord of her leasehold apartment in Bushey, Abigail started the lease extension process just as the lease was approaching the critical eighty-year mark. The transaction completed in July 2013. The landlord’s costs were negotiated to less than 550 pounds.

Bushey case:

Last Spring we were e-mailed by Mr C Leroy , who acquired a purpose-built flat in Bushey in October 2007. We are asked if we could approximate the premium would be to extend the lease by 90 years. Comparative properties in Bushey with a long lease were valued around £235,200. The mid-range amount of ground rent was £45 billed monthly. The lease came to a finish on 13 November 2091. Considering the 66 years outstanding we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of professional charges.