Barton Le Clay Lease Extension - Free Consultation

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Why you should start your Barton Le Clay lease extension


Top reasons for lease extension now:

Increase your lease and increase your Barton Le Clay property value

Barton Le Clay leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. It is the case that most Barton Le Clay tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Barton Le Clay you would be well advised to check if your lease has between 70 and ninety years remaining. There are good reasons why a Barton Le Clay flat owner with a lease having around eighty years left should take steps 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

Leasehold premises in Barton Le Clay with more than 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders may decide not to lend on a short lease

Banks and Building Societies are less likely to issue a mortgage on a domestic flat in Barton Le Clay with a short lease. Some lenders simply refuse a mortgage on leases with below 75 years remaining.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

What makes us experts in Barton Le Clay lease extensions?

The lawyers that we work with procure Barton Le Clay 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 conveyancer we work with provide it.

Barton Le Clay Lease Extension Case Summaries:

Amy, Barton Le Clay, Bedfordshire,

Trailing unsuccessful discussions with the freeholder of her garden apartment in Barton Le Clay, Amy started the lease extension process as the 80 year threshold was quickly nearing. The legal work was finalised in March 2015. The landlord’s costs were kept to an absolute minimum.

Barton Le Clay case:

Mr J Martinez moved into a recently refurbished flat in Barton Le Clay in January 2002. We are asked if we could estimate the premium would be for a ninety year lease extension. Similar flats in Barton Le Clay with an extended lease were valued about £176,200. The average amount of ground rent was £65 collected monthly. The lease came to a finish in 2080. Considering the 56 years left we calculated the compensation to the freeholder for the lease extension to be within £29,500 and £34,000 plus costs.

Barton Le Clay case:

In 2010 we were e-mailed by Mr and Mrs. G Mercier who, having was assigned a lease of a ground floor apartment in Barton Le Clay in January 2003. We are asked if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Comparable properties in Barton Le Clay with a long lease were worth £242,600. The mid-range ground rent payable was £45 invoiced every twelve months. The lease came to a finish in 2091. Taking into account 67 years remaining we approximated the premium to the landlord to extend the lease to be between £11,400 and £13,200 exclusive of costs.