Stop! Your Lease Extension in Barnehurst Could Be FREE

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Many leaseholders in Barnehurst are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Barnehurst has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Barnehurst lease extension

Why you should commence your Barnehurst lease extension today:

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

On the balance of probabilities if you own a flat in Barnehurst you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold premises in Barnehurst with over 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lenders may decide not to lend with a short lease

Banks and building societies are inclined not lend on short residential leases. You most probably encounter problems if you want to sell your flat in Barnehurst if the unexpired term of your lease is less than the criteria set by the majority of mortgage companies. Different mortgage companies have different criteria but in the main they are looking for an unexpired term of at least 65 years.

Lender Requirement
Chelsea Building Society 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.
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.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Yorkshire Building Society 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.

Get in touch with one of our Barnehurst lease extension solicitors or enfranchisement solicitors

Engaging our service gives you enhanced control over the value of your Barnehurst leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Barnehurst Lease Extension Example Cases:

Jude, Barnehurst, South East London

Last year Jude, started to get close to the eighty-year mark with the lease on his leasehold apartment in Barnehurst. In buying his home two decades ago, the lease term was of no concern. by good luck, he noticed he would soon be paying an escalated premium for a lease extension. Jude extended the lease just under the wire in January. Jude and the freeholder subsequently settled on an amount of £5,000 . If he not met the deadline, the sum would have increased by at least £1,000.

Barnehurst case:

Last April we were phoned by Mr M Sharif , who acquired a one bedroom flat in Barnehurst in January 2002. We are asked if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Comparable premises in Barnehurst with 100 year plus lease were worth £275,000. The mid-range ground rent payable was £65 billed yearly. The lease elapsed in 2094. Considering the 68 years remaining we estimated the premium to the landlord for the lease extension to be within £13,300 and £15,400 plus legals.

Decision in Bexley

An example of a Lease Extension case for a Barnehurst property is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The unexpired term was 76 years.