Barrowden leases on residential properties are gradually losing value. Where your lease has about 90 years remaining, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you start paying an additional element called marriage value. Leasehold owners in Barrowden will usually qualify for a lease extension; however It would be wise to check with a lawyer to check your eligibility. In certain circumstances you may not be entitled. There are also strict deadlines and formalities to follow once the process has started so it’s wise to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Barrowden with in excess of 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Halifax | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Engaging our service will provide you better control over the value of your Barrowden 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 have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Last October Luca, came dangerously near to the eighty-year mark with the lease on his one bedroom apartment in Barrowden. In buying his home two decades ago, the lease term was of little relevance. Fortunately, he noticed he would imminently be paying an inflated amount for a lease extension. Luca was able to extend his lease at the eleventh hour in March. Luca and the freeholder via the managing agents subsequently agreed on sum of £5,500 . If the lease had gone lower than 80 years, the price would have gone up by a minimum £1,000.
Dr Abigail Williams purchased a first floor flat in Barrowden in September 2008. We are asked if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Similar properties in Barrowden with an extended lease were worth £183,600. The average ground rent payable was £65 invoiced per annum. The lease elapsed in 2083. Considering the 57 years unexpired we calculated the premium to the landlord for the lease extension to be between £28,500 and £33,000 plus fees.
In 2010 we were called by Dr A Nguyen who, having completed a studio apartment in Barrowden in September 2004. We are asked if we could estimate the premium could be for a ninety year lease extension. Identical residencies in Barrowden with 100 year plus lease were worth £245,000. The mid-range amount of ground rent was £50 billed per annum. The lease elapsed in 2094. Considering the 68 years unexpired we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus expenses.