Main reasons to commence your Little Burstead lease extension
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Main reasons to start your Little Burstead lease extension today:
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/little-burstead">Little Burstead</a> property value </h4>
<p> The value of Little Burstead leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate significantly once the unexpired lease term is less than 80 years
<h4>Little Burstead property with a lease extension is almost the same value as a freehold</h4>
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Leasehold properties in Little Burstead with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it. <h4>Lenders may decide not to finance a property with a short lease</h4> Banks and building societies are tightening their criteria and a meaningful number now expect flats to have at least sixty if not seventy years left at the expiry of the mortgage. As plenty of flats in Little Burstead were created in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.
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<th> Requirement
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<td>Accord Mortgages</td>
<td> 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
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<td>Barnsley Building Society</td>
<td> 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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<td>Birmingham Midshires</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Halifax</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Royal Bank of Scotland</td>
<td> Mortgage term plus 30 years.
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Why use us for your lease extension in Little Burstead? </h4>
<p> Retaining our service gives you increased control over the value of your Little Burstead leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell.
The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions. <h4>
Little Burstead Lease Extension Example Cases:
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<h5> Jack, Little Burstead, Essex</h5>
<p> Two years ago Jack, started to get near to the 80-year mark with the lease on his two bedroom flat in Little Burstead. In buying his home two decades ago, the unexpired term was of no importance. As luck would have it, he realised he needed to take action soon on a lease extension. Jack extended the lease just in the nick of time in July. Jack and the freeholder via the managing agents eventually settled on the final figure of £5,500 . If he had missed the deadline, the figure would have increased by at least £900.
<h5>Little Burstead case:</h5>
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In 2010 we were approached by Mr Arthur François who, having moved into a first floor flat in Little Burstead in November 2009. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Identical flats in Little Burstead with an extended lease were valued about £181,600. The average amount of ground rent was £55 invoiced monthly. The lease expiry date was in 2078. Given that there were 52 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 not including costs.
<h5>Little Burstead case:</h5>
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Last Autumn we were phoned by Mrs Chelsea Murphy , who
completed a studio flat in Little Burstead in January 2012. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Comparative premises in Little Burstead with 100 year plus lease were worth £285,000. The average ground rent payable was £45 collected per annum. The lease lapsed on 21 May 2098. Given that there were 72 years outstanding we estimated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of fees.
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