Top reasons for Barking lease extension

Main reasons to commence your Barking lease extension today:

Increase your lease and increase your Barking property value

On the balance of probabilities where you own a flat in Barking you actually own a long leasehold interest over your property

Barking property with a lease extension is almost the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for many years ahead.

Lending institutions may not lend with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to become jittery at around 75 years. This will cause difficulties once you come to market or remortgage your property as it will be practically unmortgageable. You may not have an imminent plan to sell but when you do your purchaser will have to hold off for a couple of years before being able to exercise the right to a a lease extension.

Why use us for your lease extension in Barking?

Irrespective of whether you are a tenant or a landlord in Barking,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Barking valuers.

Barking Lease Extension Example Cases:

Blake, Barking, Essex,

Blake owned a 2 bedroom apartment in Barking being sold with a lease of fraction over 72 years outstanding. Blake informally contacted his freeholder being a well known local-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Blake to exercise his statutory right. Blake obtained expert advice and secured an acceptable deal without resorting to tribunal and readily saleable.

Barking case:

Last Spring we were called by Mr and Mrs. N Turner , who bought a purpose-built apartment in Barking in January 1998. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by an additional years. Identical premises in Barking with a long lease were worth £220,400. The mid-range ground rent payable was £45 collected annually. The lease expiry date was in 2088. Having 64 years outstanding we calculated the compensation to the landlord for the lease extension to be within £15,200 and £17,600 not including legals.