Top reasons for Barking lease extension

Main reasons to start your Barking lease extension today:

Increase your lease and increase your Barking property value

Barking residential property held on a long lease is a depreciating asset as the leaseholder only owns the property for a set term.

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

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders will not loan monies with a short lease

Banks and Building Societies have set criteria when loaning funds secured on leasehold homes. Many will simply refuse lend at all once an unexpired lease term goes lower than a specified unexpired lease term. Many Lending institutions will not consider property with an unexpired below 75 years as adequate security. In addition to this being important when selling, it is also relevant if you are intending to refinance your Barking property.

Why use us for your lease extension in Barking?

Retaining our service gives you better control over the value of your Barking leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Barking Lease Extension Example Cases:

Abigail, Barking, Essex,

Off the back of protracted negotiations with the landlord of her studio flat in Barking, Abigail commenced the lease extension process as the eighty year mark was quickly advancing. The legal work was concluded in January 2008. The freeholder’s charges were restricted to below 650 GBP.

Barking case:

Last Summer we were approach by Mr and Mrs. U Rivera , who completed a one bedroom flat in Barking in April 2005. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by ninety years. Identical homes in Barking with a long lease were worth £200,800. The mid-range amount of ground rent was £65 collected quarterly. The lease terminated in 2086. Considering the 60 years unexpired we approximated the compensation to the landlord to extend the lease to be within £20,900 and £24,200 exclusive of expenses.