For those whose Barrow upon Humber property is held on a long lease, the message is clear – if you ignore the situation, the property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease.
Leasehold properties in Barrow upon Humber with more than one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Godiva Mortgages | |
| Skipton Building Society | |
| TSB | |
| Virgin |
Lease extensions in Barrow upon Humber can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor with experience in this area.
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 dealing with Barrow upon Humber lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Harry was the the leasehold proprietor of a studio flat in Barrow upon Humber being marketed with a lease of a little over 72 years left. Harry informally contacted his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £125 yearly. Ordinarily, ground rent would not be due on a lease extension were Harry to invoke his statutory right. Harry obtained expert advice and was able to make an informed judgement and handle with the matter and ending up with a market value flat.
Last Spring we were contacted by Ms L Mason , who was assigned a lease of a first floor apartment in Barrow upon Humber in March 1997. The question was if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Comparative premises in Barrow upon Humber with an extended lease were valued about £210,600. The average amount of ground rent was £45 collected yearly. The lease ended on 9 February 2088. Given that there were 62 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £18,100 and £20,800 exclusive of expenses.
Mr Lewis Morris moved into a recently refurbished flat in Barrow upon Humber in March 1999. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by an additional years. Comparable homes in Barrow upon Humber with a long lease were worth £265,000. The average ground rent payable was £50 collected annually. The lease lapsed on 5 August 2099. Given that there were 73 years remaining we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of professional charges.