Barlborough residential property owned on a long lease is a depreciating asset as the leaseholder merely owns the property for a period of years.
Leasehold residencies in Barlborough with over 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Leeds Building Society | |
| The Mortgage Works | |
| Virgin |
Lease extensions in Barlborough can be a difficult process. We recommend you secure guidance from a lawyer and valuer with experience in lease extensions.
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 Barlborough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 6 months of lengthy discussions with the freeholder of her one bedroom flat in Barlborough, Stephanie initiated the lease extension process just as the lease was approaching the crucial 80-year mark. The lease extension was finalised in August 2015. The freeholder’s costs were kept to an absolute minimum.
In 2013 we were called by Mr Harrison Rivera who, having bought a garden apartment in Barlborough in February 2012. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Comparative flats in Barlborough with an extended lease were valued around £198,800. The average amount of ground rent was £55 invoiced annually. The lease ended in 2081. Given that there were 55 years left we estimated the premium to the freeholder for the lease extension to be between £33,300 and £38,400 exclusive of expenses.
In 2010 we were phoned by Dr Reuben Bennett who, having owned a purpose-built flat in Barlborough in April 2004. The question was if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Similar premises in Barlborough with a long lease were in the region of £300,000. The average amount of ground rent was £50 invoiced monthly. The lease ended in 2101. Taking into account 75 years outstanding we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 not including legals.