Top reasons for Barnehurst lease extension

Top reasons for lease extension now:

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

Barnehurst leases on residential deteriorating in value. Where your lease has in the region of ninety years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for your lease extension to be in place before the term of the existing lease dips under 80 years - otherwise a higher amount will be due. Leasehold owners in Barnehurst will usually qualify for a lease extension; however a solicitor will check your eligibility. In some circumstances you may not qualify. There are prescribed deadlines and steps to follow once the process is triggered so it’s wise to be guided by a conveyancer during the process.

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

Leasehold properties in Barnehurst with over one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Banks and Building Societies will not grant a mortgage with a short lease

Mortgage companies are inclined not lend on short residential leases. You most probably encounter problems if you wish to sell your flat in Barnehurst if the remaining term of your lease is below the criteria set by the majority of mortgage companies. Different mortgage companies have different criteria but in the main theyrequire an unexpired term of at least 65 years.

What makes us experts in Barnehurst lease extensions?

Lease extensions in Barnehurst can be a difficult process. We recommend you procure professional help from a lawyer and valuer with experience in lease extensions.

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 in-depth market knowledge procuring Barnehurst lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Barnehurst Lease Extension Example Cases:

Alisha, Barnehurst, South East London,

Off the back of protracted discussions with the landlord of her garden flat in Barnehurst, Alisha commenced the lease extension process just as her lease was coming close to the all-important 80-year threshold. The transaction was finalised in May 2014. The freeholder’s fees were restricted to under six hundred pounds.

Barnehurst case:

In 2013 we were e-mailed by Mr A Scott who, having purchased a one bedroom apartment in Barnehurst in September 2004. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Identical premises in Barnehurst with a long lease were in the region of £189,000. The mid-range ground rent payable was £55 collected every twelve months. The lease ran out on 18 October 2079. Taking into account 53 years unexpired we approximated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 plus legals.