Why you should start your Barrow In Furness lease extension

Why you should start your Barrow In Furness lease extension today:

Increase your lease and increase your Barrow In Furness property value

Barrow In Furness residential property owned on a long lease is a wasting asset as the leaseholder merely owns the property for a period of years.

An extended lease is almost the same value as a freehold

Leasehold premises in Barrow In Furness with over one hundred years remaining 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 premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Mortgage companies are really clamping down as regards to properties in Barrow In Furness with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you wanted to sell, your only options would be to find a cash purchaser, or try your luck at auction thus reducing the amount of potential buyers.

Why use us for your lease extension in Barrow In Furness?

Engaging our service gives you increased control over the value of your Barrow In Furness leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Barrow In Furness Lease Extension Example Cases:

Stanley, Barrow In Furness, Cumbria,

Stanley was the the leasehold proprietor of a conversion flat in Barrow In Furness being sold with a lease of fraction over 72 years unexpired. Stanley on an informal basis spoke with his freeholder a well known London-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Stanley to exercise his statutory right. Stanley obtained expert legal guidance and was able to make an informed judgement and handle with the matter and readily saleable.

Barrow In Furness case:

Last Summer we were e-mailed by Mr and Mrs. B Ali , who bought a garden flat in Barrow In Furness in September 2007. The question was if we could approximate the price could be to prolong the lease by 90 years. Identical residencies in Barrow In Furness with 100 year plus lease were worth £264,000. The average amount of ground rent was £60 invoiced monthly. The lease terminated in 2079. Given that there were 53 years unexpired we calculated the premium to the landlord to extend the lease to be between £37,100 and £42,800 plus legals.

Barrow In Furness case:

Last Christmas we were contacted by Mr Isaac Bertrand , who bought a recently refurbished apartment in Barrow In Furness in July 2001. The dilemma was if we could estimate the compensation to the landlord would be for a 90 year lease extension. Comparative premises in Barrow In Furness with 100 year plus lease were worth £220,400. The average amount of ground rent was £45 billed every twelve months. The lease came to a finish on 13 July 2090. Given that there were 64 years unexpired we estimated the premium to the landlord for the lease extension to be between £15,200 and £17,600 plus fees.