Main reasons to commence your Barkingside lease extension

Main reasons to commence your Barkingside lease extension today:

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

Unfortunately that a Barkingside residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the reduction being disguised by increases in the Barkingside property prices.Where your lease has approximately 90 years left, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips lower than eighty years - otherwise a higher premium will be payable. The majority of leasehold owners in Barkingside will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm whether you are eligibility. In some cases you may not qualify. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancing solicitor for the duration of the formalities.

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

Leasehold residencies in Barkingside with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value 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 maintenance charges merit it.

Lending institutions may not lend on a short lease

Many banks and building societies insist on a lengthy amount of time left on any leasehold residence before they will consider lending on it. Even if you don't need a mortgage, you should keep in mind that it is likely that someone wanting to purchase your property in the future might well do, so if they can't obtain a mortgage, then the market price of the property will likely suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

Get in touch with one of our Barkingside lease extension solicitors or enfranchisement solicitors

Lease extensions in Barkingside can be a difficult process. We recommend you procure 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 a wealth of experience procuring 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 Studies:

Jennifer, Barkingside, Essex,

Following lengthy discussions with the landlord of her two bedroom apartment in Barkingside, Jennifer initiated the lease extension process just as the lease was coming close to the crucial eighty-year mark. The transaction was finalised in February 2011. The landlord’s fees were kept to an absolute minimum.

Barkingside case:

Mr E Davies acquired a recently refurbished apartment in Barkingside in March 2002. We are asked if we could estimate the premium could be to prolong the lease by 90 years. Similar residencies in Barkingside with a long lease were valued around £265,000. The mid-range amount of ground rent was £50 collected per annum. The lease finished in 2099. Given that there were 73 years remaining we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus fees.