Why you should start your Barlaston lease extension

Top reasons for lease extension now:

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

Barlaston leases on residential deteriorating in value. if your lease has about 90 years remaining, you should start thinking about a lease extension. If lease term falls 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 your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Barlaston will usually be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In some circumstances you may not be entitled. There are also strict timetables and formalities to comply with once the process has started so it’s sensible to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not finance a property on a short lease

Lending institutions have specific criteria when loaning funds charged on leasehold property. Many will simply refrain from lending at all once an unexpired lease term falls lower than a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than seventy years as adequate security. In addition to this being important when selling, it is also relevant where you are wanting to refinance your Barlaston property.

Why use us for your lease extension in Barlaston?

Engaging our service will provide you enhanced control over the value of your Barlaston leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Barlaston Lease Extension Case Summaries:

David, Barlaston, Staffordshire

16 months ago David, started to get near to the 80-year threshold with the lease on his purpose- built apartment in Barlaston. In buying his flat two decades ago, the unexpired term was of minimal importance. Thankfully, he became aware that he would imminently be paying way over the odds for a lease extension. David was able to extend his lease just under the wire in July. David and the freeholder in the end agreed on the final figure of £6,000 . If the lease had slipped below 80 years, the amount would have escalated by a minimum £950.

Barlaston case:

Last June we were e-mailed by Mr I Green , who acquired a garden apartment in Barlaston in August 1999. We are asked if we could approximate the price would be to prolong the lease by a further 90 years. Similar residencies in Barlaston with an extended lease were worth £280,000. The mid-range amount of ground rent was £45 collected monthly. The lease ended in 2095. Given that there were 69 years left we estimated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 plus professional charges.

Barlaston case:

In 2010 we were approached by Dr F Baker who, having purchased a basement apartment in Barlaston in February 2010. We are asked if we could estimate the compensation to the landlord would be to extend the lease by an additional years. Similar flats in Barlaston with a long lease were valued around £216,000. The mid-range amount of ground rent was £60 invoiced yearly. The lease ended in 2084. Considering the 58 years unexpired we estimated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 not including legals.