It’s a harsh certainty that a Barlborough residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the first few years due to the reduction being disguised by increases in the Barlborough property market.Where your lease has approximately ninety years left, you need to start thinking about a lease extension. If lease term dips below 80 years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property The majority of leasehold owners in Barlborough will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify if you qualify for an extension. In some situations you may not qualify. There are also strict timetables and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancer from beginning to end of the process.
It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Leeds Building Society | |
| Virgin |
Lease extensions in Barlborough can be a difficult process. We recommend you secure professional help 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 a wealth of experience procuring Barlborough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Rory owned a 2 bedroom flat in Barlborough being sold with a lease of a little over 59 years left. Rory informally contacted his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 yearly. Ordinarily, ground rent would not be payable on a lease extension were Rory to invoke his statutory right. Rory procured expert legal guidance and secured satisfactory resolution informally and readily saleable.
In 2010 we were approached by Mr and Mrs. C Cook who, having acquired a one bedroom flat in Barlborough in April 2010. The question was if we could approximate the compensation to the landlord would be to extend the lease by a further 90 years. Similar premises in Barlborough with a long lease were valued about £223,400. The average amount of ground rent was £60 invoiced annually. The lease expired on 5 October 2085. Taking into account 59 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £27,600 and £31,800 plus legals.
Last Christmas we were e-mailed by Mr H Thomas , who was assigned a lease of a studio flat in Barlborough in June 2009. We are asked if we could approximate the premium would likely be to extend the lease by an additional years. Comparative homes in Barlborough with a long lease were worth £205,000. The mid-range ground rent payable was £50 invoiced per annum. The lease termination date was on 6 March 2105. Considering the 79 years outstanding we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of legals.