Top reasons for Barton Le Clay lease extension

Main reasons to start your Barton Le Clay lease extension today:

A Barton Le Clay leasehold property depreciates with the years remaining on the lease.

Barton Le Clay leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now which permits qualifying Barton Le Clay residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Barton Le Clay you really ought to check if your lease has between seventy and 90 years left. There are good reasons why a Barton Le Clay flat owner with a lease having around 80 years left should take action to ensure that a lease extension is put in place without delay

Barton Le Clay property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lending institutions may not issue a mortgage with a short lease

The trend since 2008 has been for lenders to tighten lending criteria across the board - this has extended to the property over which the home loan is to be granted. This has resulted in the unexpired lease term required by banks has increased. Historically mortgage companies would lend on a lease with twenty years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

What makes us experts in Barton Le Clay lease extensions?

Regardless of whether you are a tenant or a freeholder in Barton Le Clay,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Barton Le Clay valuers.

Barton Le Clay Lease Extension Case Summaries:

Jasper, Barton Le Clay, Bedfordshire,

Jasper owned a studio flat in Barton Le Clay being sold with a lease of a little over fifty eight years unexpired. Jasper on an informal basis approached his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The landlord 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 £150 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Jasper to invoke his statutory right. Jasper procured expert legal guidance and secured satisfactory resolution without resorting to tribunal and sell the property.

Barton Le Clay case:

Mr and Mrs. J Gray bought a one bedroom apartment in Barton Le Clay in February 2012. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Comparative properties in Barton Le Clay with 100 year plus lease were in the region of £183,600. The average amount of ground rent was £65 billed per annum. The lease lapsed in 2083. Having 57 years left we calculated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 plus expenses.

Barton Le Clay case:

In 2014 we were contacted by Mr and Mrs. E Lee who, having took over the lease of a one bedroom flat in Barton Le Clay in May 2004. The question was if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Comparable flats in Barton Le Clay with a long lease were in the region of £245,000. The average amount of ground rent was £50 collected per annum. The lease ended on 18 July 2094. Having 68 years remaining we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus costs.