Top reasons for Barons Court lease extension

Main reasons to commence your Barons Court lease extension today:

Increase your lease and increase your Barons Court property value

Barons Court residential property held on a long lease is a depreciating asset as the leaseholder merely owns the property for a set term.

An extended lease 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 approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may decide not to lend on a short lease

Banks and Building Societies have specific criteria when lending funds secured on leasehold homes. Many will simply refrain from lending at all once the remaining lease term goes under a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than seventy years as adequate security. As well as this being important when selling, it is also relevant where you are intending to refinance your Barons Court home.

What makes us experts in Barons Court lease extensions?

The lawyers that we work with handle Barons Court lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Barons Court Lease Extension Case Studies:

Amber, Barons Court, West London,

Subsequent to lengthy discussions with the landlord of her ground floor apartment in Barons Court, Amber initiated the lease extension process as the eighty year threshold was quickly advancing. The legal work was finalised in November 2011. The landlord’s charges were kept to an absolute minimum.

Barons Court case:

In 2013 we were called by Mrs Mia Kelly who, having completed a basement apartment in Barons Court in November 1999. The dilemma was if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Similar homes in Barons Court with a long lease were valued around £295,000. The average amount of ground rent was £45 billed per annum. The lease ran out on 1 January 2100. Having 74 years left we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of expenses.