Top reasons for Barnard Castle lease extension

Top reasons for lease extension now:

A Barnard Castle lease depreciates with the years remaining on the lease.

Barnard Castle leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Most owners of residential leasehold property in Barnard Castle enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Barnard Castle you must investigate if your lease has between seventy and ninety years remaining. There are compelling reasons why a Barnard Castle flat owner with a lease having around 80 years remaining should take steps to ensure that a lease extension is put in place without delay

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

It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not loan monies with a short lease

Lenders are tightening their criteria and a meaningful number now expect flats to have a minimum of 60 if not 70 years remaining at the end of the mortgage. As a number of flats in Barnard Castle were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in Barnard Castle?

Lease extensions in Barnard Castle can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this area.

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 Barnard Castle lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Barnard Castle Lease Extension Case Studies:

Lucas, Barnard Castle, County Durham

In recent months Lucas, started to get close to the eighty-year threshold with the lease on his one bedroom flat in Barnard Castle. In buying his property 19 years previously, the unexpired term was of little concern. by good luck, he recognised he would imminently be paying an escalated premium for a lease extension. Lucas arranged for a lease extension at the eleventh hour last April. Lucas and the landlord in the end settled on an amount of £5,500 . If he failed to meet the deadline, the figure would have gone up by at least £925.

Barnard Castle case:

In 2009 we were approached by Mr and Mrs. G Bell who, having completed a one bedroom flat in Barnard Castle in March 2012. We are asked if we could estimate the premium could be to extend the lease by 90 years. Comparative premises in Barnard Castle with an extended lease were in the region of £218,000. The mid-range amount of ground rent was £45 billed yearly. The lease end date was in 2089. Having 63 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £17,100 and £19,800 plus legals.

Barnard Castle case:

Mr Nathaniel Patel acquired a first floor flat in Barnard Castle in November 1997. We are asked if we could approximate the price would be to prolong the lease by ninety years. Comparable premises in Barnard Castle with an extended lease were in the region of £270,000. The mid-range ground rent payable was £55 collected yearly. The lease elapsed in 2100. Given that there were 74 years left we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.