Top reasons for Barkingside lease extension

Main reasons to start your Barkingside lease extension today:

Increase your lease and increase your Barkingside property value

Barkingside leases on domestic deteriorating in value. if your lease has about 90 years remaining, you should start considering the need for a lease extension. If lease term is under eighty years, you will then be required to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Barkingside will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm if you qualify. In certain circumstances you may not be entitled. There are prescribed timetables and formalities to follow once the process is initiated so it’s wise to be guided by a lawyer during the process.

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 sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.

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

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to become concerned at around 75 years. This may cause difficulties when you wish to sell or remortgage your property as it will be practically unmortgageable. Even though you may not have an imminent plan to sell but when you do your purchaser will need to hold off for 2 years before they can start the legal procedures for a lease extension.

What makes us experts in Barkingside lease extensions?

Lease extensions in Barkingside can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge dealing with Barkingside lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Barkingside Lease Extension Case Summaries:

Seth, Barkingside, Essex

Last year Seth, came critically near to the eighty-year threshold with the lease on his basement apartment in Barkingside. In buying his home twenty years previously, the unexpired term was of little interest. As luck would have it, he realised he needed to take steps soon on Extending the lease. Seth was able to extend his lease just under the wire in July. Seth and the landlord who owned the flat above eventually settled on sum of £5,000 . If he failed to meet the deadline, the premium would have become more exhorbitant by a minimum £900.

Barkingside case:

Mr and Mrs. O Parker acquired a first floor apartment in Barkingside in July 1997. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by 90 years. Identical premises in Barkingside with a long lease were valued around £264,000. The mid-range amount of ground rent was £60 collected quarterly. The lease termination date was on 15 March 2079. Given that there were 53 years outstanding we estimated the premium to the landlord to extend the lease to be between £37,100 and £42,800 exclusive of expenses.