Barbican Lease Extension - Free Consultation

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Why you should start your Barbican lease extension

Top reasons for lease extension now:

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

Chances are that if you own a flat in Barbican you actually own a long leasehold interest over your property

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

Leasehold residencies in Barbican with more than 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may not loan monies with a short lease

Almost all mortgage companies insist on a lengthy amount of time left on a leasehold property before they will consider providing a mortgage on it. Regardless of whether you need a mortgage, you should keep in mind that it is reasonable to assume that someone wanting to purchase your property in the future might well do, so if they can't get a mortgage, then the financial worth of your property could suffer. In the last decade most mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

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.
Coventry Building Society 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.
Lloyds TSB Scotland Minimum 70 years from the date 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.

Why use us for your lease extension in Barbican?

Engaging our service gives you increased control over the value of your Barbican leasehold, as your property will be more valuable and marketable 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.

Barbican Lease Extension Case Studies:

Isabelle, Barbican, London,

Following protracted discussions with the landlord of her studio apartment in Barbican, Isabelle initiated the lease extension process just as her lease was coming close to the critical 80-year mark. The lease extension was concluded in August 2009. The landlord’s fees were negotiated to about 550 pounds.

Barbican case:

Ms Megan Morris moved into a one bedroom flat in Barbican in July 2001. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Comparative residencies in Barbican with an extended lease were worth £246,800. The mid-range amount of ground rent was £60 collected annually. The lease expired on 11 February 2075. Given that there were 50 years outstanding we calculated the premium to the freeholder for the lease extension to be between £44,700 and £51,600 not including expenses.

Decision in Hackney

An example of a Lease Extension matter before the tribunal for a Barbican flat is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case affected 2 flats. The unexpired lease term was 72.39 years.