Stop! Your Lease Extension in Barking Could Be FREE

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Many leaseholders in Barking are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Barking has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Barking lease extension

Top reasons for lease extension now:

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

The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Barking have the legal entitlement to extend the lease for an additional ninety years under Leasehold Reform legislation. Do give careful consideration before delaying your Barking lease extension. Postponing the costs today simply increases the amount you will eventually be required to pay for a lease extension.

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

Leasehold premises in Barking with over one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lenders may decide not to grant a mortgage on a short lease

Banks and building societies do not lend on short residential leases. You most probably encounter problems where you wish to sell your flat in Barking if the remaining term of your lease is under the criteria set by most mortgage companies. Different lenders have different requirements but generally theyrequire a minimum remaining lease term of 65 years.

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.
Chelsea 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.
Halifax Minimum 70 years from the date of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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 Barking?

Lease extensions in Barking can be a difficult process. We recommend you procure professional help from a lawyer and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Barking lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Barking Lease Extension Case Studies:

Ellie, Barking, Essex,

In the wake of eight months of lengthy negotiations with the freeholder of her leasehold flat in Barking, Ellie commenced the lease extension process just as her lease was nearing the crucial 80-year threshold. The legal work was concluded in July 2012. The freeholder’s charges were restricted to about 650 GBP.

Barking case:

Mr and Mrs. S Walker bought a ground floor flat in Barking in July 2008. The dilemma was if we could estimate the compensation to the landlord would be for a ninety year lease extension. Identical residencies in Barking with 100 year plus lease were valued around £250,000. The mid-range ground rent payable was £50 collected yearly. The lease concluded on 18 August 2094. Considering the 68 years unexpired we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of fees.

Decision in Newham

An example of a Lease Extension matter before the tribunal for a Barking premises is 240 Strone Road in January 2014. the tribunal held that the price to be paid for the freehold interest was£23,538 of which£13,017 is attributable to the ground floor flat and £10,521 to the first floor flat. This case affected 2 flats. The unexpired residue of the current lease was 65.5 years.