Main reasons to commence your Barnsbury lease extension

Main reasons to start your Barnsbury lease extension today:

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

Chances are that where you own a flat in Barnsbury you actually own a long leasehold interest over your property

Barnsbury property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to issue a mortgage on a short lease

Mortgage companies do not like short residential leases. You are likely to experience difficulties if you wish to sell your flat in Barnsbury if the unexpired term of your lease is below the criteria set by the majority of banks and building societies. Different mortgage companies have different requirements but generally theyrequire a minimum remaining lease term of 65 years.

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

Using our service gives you better control over the value of your Barnsbury leasehold, as your property will be more valuable and saleable 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.

Barnsbury Lease Extension Case Studies:

Joseph, Barnsbury, North London,

Joseph owned a 2 bedroom flat in Barnsbury on the market with a lease of fraction over 61 years left. Joseph on an informal basis approached his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Joseph to invoke his statutory right. Joseph obtained expert advice and was able to make a more informed decision and handle with the matter and readily saleable.

Barnsbury case:

Mr and Mrs. F David purchased a ground floor flat in Barnsbury in May 2003. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by 90 years. Identical premises in Barnsbury with 100 year plus lease were worth £290,000. The average amount of ground rent was £45 collected yearly. The lease terminated on 10 August 2099. Given that there were 73 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus fees.