Top reasons for Barons Court lease extension

Top reasons for lease extension now:

A Barons Court leasehold property depreciates with the years remaining on the lease.

Barons Court leases on domestic properties are gradually losing value. if your lease has approximately ninety years left, you should start thinking about a lease extension. If lease term dips under eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Barons Court will usually be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to confirm if you qualify. In certain situations you may not be entitled. There are prescribed timetables and procedures to comply with once the process has started so it’s best to be guided by a conveyancer during the process.

An extended lease is almost the same value as a freehold

Leasehold residencies in Barons Court with more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.

Banks and Building Societies will not finance a property with a short lease

Almost all mortgage companies will not grant a mortgage on a lease with under seventy years unexpired - although this varies from lender to lender. A buyer will no doubt encounter difficulties in obtaining a mortgage and this could result in your Barons Court property being difficult to sell or refinance.

Get in touch with one of our Barons Court lease extension solicitors or enfranchisement solicitors

The lawyers that we work with undertake 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 conveyancing solicitor we work with provide it.

Barons Court Lease Extension Case Summaries:

Lewis, Barons Court, West London

During the course of the last few months Lewis, started to get near to the eighty-year mark with the lease on his one bedroom apartment in Barons Court. In buying his property twenty years ago, the length of the lease was of little importance. Luckily, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Lewis extended the lease just in the nick of time in August. Lewis and the landlord who owned the flat above eventually settled on an amount of £6,000 . If he not met the deadline, the sum would have increased by a minimum £1,100.

Barons Court case:

Last month we were phoned by Dr C Collins , who bought a ground floor flat in Barons Court in August 2010. The dilemma was if we could shed any light on how much (approximately) premium could be to prolong the lease by 90 years. Identical homes in Barons Court with an extended lease were valued around £243,000. The average ground rent payable was £65 billed quarterly. The lease finished in 2089. Taking into account 63 years outstanding we approximated the premium to the landlord to extend the lease to be between £20,000 and £23,000 plus costs.