Barrow In Furness leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now which entitles qualifying Barrow In Furness residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Barrow In Furness you must see if your lease has between seventy and ninety years left. There are compelling reasons why a Barrow In Furness leaseholder with a lease having around 80 years left should take action to make sure that a lease extension is actioned without delay
It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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. |
Lease extensions in Barrow In Furness can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 dealing with Barrow In Furness lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to lengthy correspondence with the freeholder of her two bedroom apartment in Barrow In Furness, Gemma initiated the lease extension process as the eighty year deadline was fast coming. The transaction was concluded in June 2011. The landlord’s charges were restricted to below 600 pounds.
In 2014 we were e-mailed by Mr and Mrs. F Wright who, having owned a ground floor flat in Barrow In Furness in April 2003. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by 90 years. Similar properties in Barrow In Furness with 100 year plus lease were worth £235,200. The average amount of ground rent was £45 billed per annum. The lease ran out in 2092. Taking into account 66 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of expenses.
Last Summer we were e-mailed by Dr Francesca Lewis , who was assigned a lease of a studio apartment in Barrow In Furness in February 2005. The dilemma was if we could shed any light on how much (approximately) premium could be to extend the lease by 90 years. Identical flats in Barrow In Furness with 100 year plus lease were worth £275,000. The average amount of ground rent was £55 billed monthly. The lease elapsed in 2103. Given that there were 77 years outstanding we approximated the premium to the landlord for the lease extension to be within £13,300 and £15,400 not including expenses.