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Why you should commence your Barnsbury lease extension

Top reasons for lease extension now:

A Barnsbury lease depreciates with the years remaining on the lease.

Barnsbury leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Barnsbury tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Barnsbury you would be well advised to see if your lease has between 70 and ninety years left. There are good reasons why a Barnsbury flat owner with a lease having around eighty years remaining should take steps to ensure that a lease extension is actioned without delay

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

Leasehold premises in Barnsbury with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth 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 service charges warrant it.

Lenders may decide not to loan monies with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to become jittery at around 75 years. This will cause difficulties once you need to sell or remortgage your flat as it will be effectively unmortgageable. Even though you may not have an imminent desire to sell but when you do your purchaser must wait a couple of years before they can exercise the right to a an extension to the lease.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
National Westminster Bank Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.

Why use us for your lease extension in Barnsbury?

Lease extensions in Barnsbury can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor 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 Barnsbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Barnsbury Lease Extension Example Cases:

Millie, Barnsbury, North London,

Trailing unsuccessful negotiations with the landlord of her ground floor apartment in Barnsbury, Millie initiated the lease extension process just as the lease was nearing the critical eighty-year deadline. The lease extension was finalised in August 2010. The landlord’s fees were kept to an absolute minimum.

Barnsbury case:

Last June we were called by Mrs Robyn Jones , who was assigned a lease of a ground floor apartment in Barnsbury in May 1998. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable homes in Barnsbury with an extended lease were valued about £216,000. The average ground rent payable was £60 billed per annum. The lease came to a finish on 16 November 2077. Having 58 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 not including fees.

Decision in Camden

An example of a Lease Extension decision for a Barnsbury flat is Flat 120, Clare Court Judd Street in August 2013. the Tribunal held that the premium to be paid for the extension of the lease should be £64,650 This case affected 1 flat. The unexpired term as at the valuation date was 62.79 years.