Top reasons for Barkingside lease extension

Main reasons to start your Barkingside lease extension today:

A Barkingside lease depreciates with the years remaining on the lease.

The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Barkingside can extend the lease for an additional ninety years in accordance with statute. Please give careful consideration before delaying your Barkingside lease extension. Putting off that expense today simply escalates the price you will eventually have to pay for a lease extension.

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

Leasehold residencies in Barkingside with over 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Mortgage lenders will not lend with a short lease

Lenders do not like short residential leases. You most probably encounter difficulties if you want to sell your flat in Barkingside if the unexpired term of your lease is below the criteria set by most banks and building societies. Different mortgage companies have varying criteria but generally they are looking for a minimum remaining lease term of 65 years.

Why use us for your lease extension in Barkingside?

The conveyancers that we work with procure Barkingside lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Barkingside Lease Extension Case Summaries:

Thomas, Barkingside, Essex,

Thomas owned a 2 bedroom apartment in Barkingside being sold with a lease of a few days over 59 years left. Thomas informally contacted his landlord being a well known Bristol-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Thomas to invoke his statutory right. Thomas obtained expert legal guidance and was able to make an informed decision and deal with the matter and ending up with a market value flat.

Barkingside case:

Mr and Mrs. I Clark purchased a one bedroom apartment in Barkingside in April 2007. The dilemma was if we could shed any light on how much (roughly) premium would be to extend the lease by 90 years. Comparative premises in Barkingside with 100 year plus lease were valued about £232,800. The mid-range amount of ground rent was £45 invoiced monthly. The lease ran out on 2 April 2091. Having 65 years left we approximated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 not including professional charges.