Top reasons for Barrow upon Humber lease extension

Main reasons to start your Barrow upon Humber lease extension today:

Increase your lease and increase your Barrow upon Humber property value

On the balance of probabilities where you own a flat in Barrow upon Humber you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold properties in Barrow upon Humber with over 100 years unexpired 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 service charges merit it.

Lending institutions may not grant a mortgage 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 may be problematic once you come to market or refinance your property as it will be effectively unmortgageable. Even though you might have no immediate desire to sell but when you do your purchaser must hold off for 2 years before they can start the legal procedures for an extension to the lease.

What makes us experts in Barrow upon Humber lease extensions?

The lawyers that we work with handle Barrow upon Humber 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 lawyer we work with provide it.

Barrow upon Humber Lease Extension Case Summaries:

Isabella, Barrow upon Humber, Lincolnshire,

Trailing unsuccessful discussions with the freeholder of her one bedroom apartment in Barrow upon Humber, Isabella commenced the lease extension process as the 80 year mark was quickly approaching. The transaction was concluded in January 2010. The freeholder’s costs were kept to an absolute minimum.

Barrow upon Humber case:

Ms Ella Nguyen owned a first floor flat in Barrow upon Humber in November 1999. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Comparative flats in Barrow upon Humber with a long lease were worth £191,000. The average ground rent payable was £65 invoiced every twelve months. The lease came to a finish in 2084. Taking into account 58 years outstanding we estimated the premium to the landlord for the lease extension to be between £23,800 and £27,400 not including professional charges.

Barrow upon Humber case:

Last year we were called by Mr and Mrs. L Harris , who bought a newly refurbished flat in Barrow upon Humber in May 2012. The dilemma was if we could shed any light on how much (approximately) price would likely be to prolong the lease by an additional years. Comparative properties in Barrow upon Humber with a long lease were in the region of £250,000. The average ground rent payable was £50 collected every twelve months. The lease ended on 14 May 2095. Having 69 years unexpired we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including expenses.