Why you should start your Barnard Castle lease extension

Top reasons for lease extension now:

Increase your lease and increase your Barnard Castle property value

Barnard Castle leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Barnard Castle enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Barnard Castle you must check if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

Barnard Castle property with a lease extension has roughly the same value as a freehold

Leasehold premises in Barnard Castle with over 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.

Lenders will not loan monies with a short lease

Banks and building societies will not lend on short residential leases. You are likely to encounter difficulties if you wish to sell your flat in Barnard Castle if the remaining lease term is less than the criteria set by the majority of mortgage companies. Different lenders have varying criteria but in the main theyrequire an unexpired term of at least seventy years.

What makes us experts in Barnard Castle lease extensions?

Retaining our service gives you increased control over the value of your Barnard Castle leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Barnard Castle Lease Extension Example Cases:

Natasha, Barnard Castle, County Durham,

Trailing unsuccessful negotiations with the landlord of her basement apartment in Barnard Castle, Natasha commenced the lease extension process as the eighty year mark was fast approaching. The lease extension was concluded in August 2006. The freeholder’s charges were kept to an absolute minimum.

Barnard Castle case:

In 2011 we were called by Dr Milo Thompson who, having bought a studio flat in Barnard Castle in March 2008. We are asked if we could approximate the premium would likely be for a ninety year lease extension. Comparable premises in Barnard Castle with 100 year plus lease were worth £270,000. The mid-range amount of ground rent was £55 collected quarterly. The lease elapsed in 2101. Taking into account 75 years remaining we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of fees.

Barnard Castle case:

Ms L Turner purchased a one bedroom flat in Barnard Castle in March 1995. The question was if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year lease extension. Identical homes in Barnard Castle with an extended lease were worth £173,800. The average ground rent payable was £65 billed per annum. The lease lapsed on 6 August 2081. Having 55 years left we approximated the premium to the landlord for the lease extension to be within £31,400 and £36,200 exclusive of fees.