Main reasons to start your Barking lease extension

Why you should start your Barking lease extension today:

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

Barking leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Barking enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Barking you really ought to check if your lease has between 70 and ninety years remaining. There are compelling reasons why a Barking leaseholder with a lease having around 80 years remaining should take steps to make sure that a lease extension is effected without delay

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for decades to come.

Mortgage lenders may decide not to loan monies on a short lease

Most high street banks are making their criteria more stringent and a meaningful number now expect flats to have a minimum of sixty if not seventy years remaining at the expiry of the mortgage. Given that a number of flats in Barking were built in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Barking?

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

Barking Lease Extension Example Cases:

Madeleine, Barking, Essex,

In the wake of 9 months of lengthy correspondence with the freeholder of her studio flat in Barking, Madeleine initiated the lease extension process just as her lease was coming close to the all-important 80-year deadline. The legal work completed in October 2015. The landlord’s costs were kept to an absolute minimum.

Barking case:

Mr and Mrs. I Ward took over the lease of a garden apartment in Barking in September 2005. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Comparative premises in Barking with a long lease were valued around £176,200. The average amount of ground rent was £65 billed per annum. The lease elapsed on 1 July 2082. Considering the 56 years left we calculated the compensation to the landlord for the lease extension to be between £29,500 and £34,000 plus expenses.