Why you should start your Barbican lease extension

Top reasons for lease extension now:

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

For those whose Barbican flat is held on a long lease, the message is clear – if you ignore the situation, the property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not loan monies on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to get jittery at around 75 years. This will cause difficulties as and when you need to market or remortgage your property as it will be practically unmortgageable. You might have no immediate intention to sell but when you do your buyer will have to hold off for a couple of years before they can exercise the right to a an extension to the lease.

Why use us for your lease extension in Barbican?

Retaining our service will provide you increased control over the value of your Barbican leasehold, as your property will be more valuable and saleable in relation to the 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 Summaries:

Joseph, Barbican, London

In 2014 Joseph, came precariously near to the 80-year threshold with the lease on his leasehold apartment in Barbican. In buying his home 18 years ago, the unexpired term was of minimal bearing. Thankfully, he noticed he needed to take action soon on a lease extension. Joseph was able to extend his lease at the eleventh hour in January. Joseph and the landlord in the end settled on the final figure of £5,500 . If he failed to meet the deadline, the price would have gone up by a minimum £975.

Barbican case:

In 2011 we were called by Ms Lily Ali who, having owned a first floor apartment in Barbican in February 2007. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Comparative homes in Barbican with 100 year plus lease were worth £280,000. The average amount of ground rent was £55 invoiced quarterly. The lease expiry date was in 2104. Having 78 years left we approximated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of expenses.