Top reasons for Barnehurst lease extension

Top reasons for lease extension now:

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

The only way is down when it comes to Barnehurst lease terms. Barnehurst flats that have a lease term fewer than eighty years will drop in market price even faster, and the cost of extending your lease will increase.

An extended lease is almost the same value as a freehold

Leasehold residencies in Barnehurst with in excess of one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Lenders will not issue a mortgage on a short lease

Almost all banks and building societies will be unwilling to grant a mortgage on a lease with under 70 years unexpired - although this varies between mortgage companies. A purchaser will likely find it difficult in obtaining a mortgage and this will result in your Barnehurst property becoming difficult to dispose of or refinance.

Why use us for your lease extension in Barnehurst?

Irrespective of whether you are a tenant or a freeholder in Barnehurst,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Barnehurst valuers.

Barnehurst Lease Extension Case Studies:

Olivia, Barnehurst, South East London,

Trailing protracted discussions with the freeholder of her basement flat in Barnehurst, Olivia commenced the lease extension process as the 80 year threshold was swiftly coming. The legal work was concluded in July 2014. The landlord’s costs were kept to an absolute minimum.

Barnehurst case:

In 2009 we were called by Mr and Mrs. V Green who, having bought a newly refurbished flat in Barnehurst in April 2010. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by an additional years. Identical residencies in Barnehurst with a long lease were in the region of £208,600. The average ground rent payable was £60 invoiced per annum. The lease came to a finish in 2083. Considering the 57 years outstanding we calculated the premium to the landlord to extend the lease to be within £30,400 and £35,200 exclusive of legals.