Why you should start your Buxton lease extension

Why you should start your Buxton lease extension today:

A Buxton leasehold property depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will usually be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Buxton. Inevitably, the period of lease remaining reduces over time. This is often overlooked and only raises itself as an issue when the flat or house has to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Qualifying long lease owners in Buxton have the right to extend the lease for an additional 90 years under Leasehold Reform legislation. Please give due consideration before putting off your Buxton lease extension. Putting off that expense now only increases the price you will eventually incur for a lease extension

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

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may not grant a mortgage on a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are encountering difficulties in arranging finance or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are regarded as insufficient for lending purposes.

What makes us experts in Buxton lease extensions?

The lawyers that we work with handle Buxton 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 conveyancing solicitor we work with provide it.

Buxton Lease Extension Case Summaries:

Sophia, Buxton, Derbyshire,

Off the back of unsuccessful negotiations with the freeholder of her ground floor apartment in Buxton, Sophia commenced the lease extension process just as her lease was approaching the all-important eighty-year threshold. The legal work was concluded in June 2006. The landlord’s costs were kept to an absolute minimum.

Buxton case:

In 2011 we were contacted by Ms Naomi Mason who, having owned a basement flat in Buxton in April 2011. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Similar premises in Buxton with a long lease were valued about £189,000. The mid-range ground rent payable was £55 collected monthly. The lease end date was in 2079. Having 53 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 exclusive of expenses.

Buxton case:

In 2010 we were e-mailed by Mr and Mrs. A Bertrand who, having took over the lease of a recently refurbished apartment in Buxton in June 2004. We are asked if we could shed any light on how much (roughly) price would likely be to extend the lease by ninety years. Similar residencies in Buxton with an extended lease were worth £290,000. The mid-range amount of ground rent was £45 invoiced per annum. The lease ended in 2099. Taking into account 73 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus costs.