Top reasons for Barkingside lease extension

Why you should commence your Barkingside lease extension today:

Increase your lease and increase your Barkingside property value

Barkingside leases on residential properties are gradually losing value. Where your lease has about 90 years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you begin paying an additional element called marriage value. Leasehold owners in Barkingside will usually qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm your eligibility. In certain cases you may not qualify. There are also strict deadlines and procedures to follow once the process has commenced so it’s best to be guided by a conveyancer during the process.

An extended lease is almost the same value as a freehold

Leasehold properties in Barkingside with more than one hundred years outstanding 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 property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders will not loan monies on a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending criteria across the board - this has extended to the property over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by lenders has increased. In the past mortgage companies would grant a mortgage on a lease with 25 years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

What makes us experts in Barkingside lease extensions?

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

Barkingside Lease Extension Example Cases:

Gemma, Barkingside, Essex,

Trailing unsuccessful negotiations with the landlord of her leasehold flat in Barkingside, Gemma initiated the lease extension process as the 80 year mark was fast nearing. The legal work completed in May 2006. The freeholder’s costs were restricted to about 650 pounds.

Barkingside case:

In 2010 we were called by Mr and Mrs. G Murphy who, having bought a basement apartment in Barkingside in May 2004. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Comparative homes in Barkingside with 100 year plus lease were worth £208,200. The average ground rent payable was £65 invoiced annually. The lease expired on 6 January 2087. Considering the 61 years remaining we calculated the premium to the freeholder for the lease extension to be within £20,000 and £23,000 plus legals.