Why you should start your Barrow In Furness lease extension

Why you should start your Barrow In Furness lease extension today:

A Barrow In Furness leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Barrow In Furness you actually own a long leasehold interest over your property

Barrow In Furness property with a lease extension is almost the same value as a freehold

Leasehold properties in Barrow In Furness with more than one hundred years remaining 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 premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lenders will not finance a property 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 concerned at around 75 years. This will be problematic once you come to dispose of or refinance your property as it will be effectively unmortgageable. Even though you may not have an immediate plan to sell but when you do your buyer will have to wait a couple of years before they can exercise the right to a an extension to the lease.

Why use us for your lease extension in Barrow In Furness?

Retaining our service will provide you better control over the value of your Barrow In Furness leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Barrow In Furness Lease Extension Example Cases:

Aiden, Barrow In Furness, Cumbria,

Aiden owned a high value apartment in Barrow In Furness on the market with a lease of fraction over 61 years left. Aiden on an informal basis approached his freeholder being a well known London-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Aiden to exercise his statutory right. Aiden procured expert advice and secured satisfactory deal informally and readily saleable.

Barrow In Furness case:

Last Christmas we were phoned by Mrs S Michel , who owned a garden apartment in Barrow In Furness in February 1999. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Identical homes in Barrow In Furness with an extended lease were in the region of £270,000. The mid-range ground rent payable was £55 collected quarterly. The lease ran out on 5 March 2102. Taking into account 76 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of fees.

Barrow In Furness case:

In 2011 we were approached by Mr Kyle Anderson who, having acquired a newly refurbished flat in Barrow In Furness in February 2008. The dilemma was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Similar premises in Barrow In Furness with 100 year plus lease were worth £176,200. The mid-range ground rent payable was £65 billed annually. The lease ran out on 12 March 2082. Considering the 56 years unexpired we approximated the compensation to the landlord for the lease extension to be within £29,500 and £34,000 not including legals.