Barnehurst leases on domestic deteriorating in value. if your lease has in the region of 90 years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease dips below this level then you start incurring an additional element called marriage value. Flat owners in Barnehurst will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to check your eligibility. In certain cases you may not qualify. There are also strict timetables and steps to follow once the process is triggered so it’s sensible to be guided by a lawyer during the process.
It is generally considered that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| National Westminster Bank | |
| TSB | |
| The Mortgage Works |
Retaining our service gives you enhanced control over the value of your Barnehurst leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Two years ago Michael, came dangerously near to the eighty-year mark with the lease on his ground floor apartment in Barnehurst. Having bought his flat two decades ago, the length of the lease was of no relevance. Luckily, he noticed he would soon be paying an escalated premium for a lease extension. Michael extended the lease just ahead of time in July. Michael and the freeholder via the management company ultimately agreed on the final figure of £5,500 . If he failed to meet the deadline, the amount would have escalated by a minimum £875.
Last February we were contacted by Mr John Mercier , who moved into a studio flat in Barnehurst in February 2007. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Similar homes in Barnehurst with 100 year plus lease were in the region of £210,000. The mid-range ground rent payable was £50 billed yearly. The lease lapsed in 2106. Having 80 years outstanding we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 plus costs.
An example of a Lease Extension matter before the tribunal for a Barnehurst property is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The number of years remaining on the existing lease(s) was 76 years.