Main reasons to start your Barnehurst lease extension

Main reasons to start your Barnehurst lease extension today:

Increase your lease and increase your Barnehurst property value

Owning a apartment usually means owning a lease of the property, which has a finite term of years. This lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Barnehurst. Inevitably, the length of lease remaining shortens over time. This may slip by relatively unnoticed when the residence needs to be sold or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to obtain a lease extension. Qualifying long lease owners in Barnehurst have the right to extend the lease for a further 90 years under legislation. Do give due deliberation before putting off your Barnehurst lease extension. Holding off that expense now only increases the price you will ultimately incur for a lease extension

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to loan monies with a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to become concerned at around 75 years. This will cause difficulties when you need to dispose of or refinance your property as it will be practically unmortgageable. You may have no immediate plan to sell but when you do your buyer will have to wait a couple of years before they can exercise the right to a an extension to the lease.

What makes us experts in Barnehurst lease extensions?

Retaining our service will provide you enhanced control over the value of your Barnehurst leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Barnehurst Lease Extension Example Cases:

Freya, Barnehurst, South East London,

Trailing lengthy negotiations with the freeholder of her purpose-built flat in Barnehurst, Freya initiated the lease extension process just as the lease was coming close to the critical eighty-year mark. The transaction was finalised in July 2006. The landlord’s fees were restricted to a tad over four hundred GBP.

Barnehurst case:

Last month we were contacted by Dr G Morel , who completed a basement flat in Barnehurst in June 1997. We are asked if we could approximate the premium would be to prolong the lease by ninety years. Identical flats in Barnehurst with 100 year plus lease were valued around £257,800. The average ground rent payable was £65 collected per annum. The lease finished in 2091. Having 65 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £18,100 and £20,800 exclusive of costs.