Little Burstead Lease Extension - Free Consultation

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Main reasons to commence your Little Burstead lease extension

Why you should start your Little Burstead lease extension today:

A Little Burstead leasehold property depreciates with the years remaining on the lease.

When it comes to long leasehold premises in Little Burstead, you are actually buying an entitlement to live in a property for a prescribed time frame. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider extending the lease sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly especially once there are fewer than 80 years left. Anyone in Little Burstead with a lease approaching 81 years remaining should seriously think of extending it without delay. When the lease term has less than eighty years left, under the current statute the landlord can calculate and demand a greater amount, based on a technical computation, known as “marriage value” which is due.

Little Burstead property with a lease extension is almost the same value as a freehold

It is generally considered that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for decades to come.

Lenders may not loan monies with a short lease

Banks and building societies do not like short residential leases. You most probably encounter difficulties if you wish to sell your flat in Little Burstead if the unexpired term of your lease is less than the criteria set by most mortgage companies. Different mortgage companies have varying criteria but in the main theyrequire a minimum remaining lease term of 65 years.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Little Burstead?

Irrespective of whether you are a tenant or a landlord in Little Burstead,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Little Burstead valuers.

Little Burstead Lease Extension Case Studies:

Alexander, Little Burstead, Essex,

Alexander was the the leasehold proprietor of a high value flat in Little Burstead on the market with a lease of a few days over fifty eight years outstanding. Alexander on an informal basis spoke with his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Alexander to invoke his statutory right. Alexander obtained expert advice and was able to make a more informed decision and handle with the matter and ending up with a market value flat.

Little Burstead case:

Last Summer we were approach by Mr S Carter , who moved into a garden apartment in Little Burstead in February 2003. We are asked if we could approximate the compensation to the landlord would be to extend the lease by a further 90 years. Similar residencies in Little Burstead with a long lease were valued around £171,800. The mid-range amount of ground rent was £55 collected yearly. The lease lapsed in 2074. Taking into account 50 years unexpired we estimated the compensation to the landlord for the lease extension to be within £32,300 and £37,400 not including expenses.

Little Burstead case:

Last Summer we were contacted by Mr and Mrs. C Walker , who bought a basement flat in Little Burstead in August 2003. The dilemma was if we could shed any light on how much (approximately) premium could be to prolong the lease by ninety years. Comparative residencies in Little Burstead with a long lease were valued around £280,000. The mid-range ground rent payable was £45 collected every twelve months. The lease terminated on 6 April 2094. Taking into account 70 years as a residual term we calculated the premium to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of costs.