Why you should commence your Barton Seagrave lease extension

Top reasons for lease extension now:

Increase your lease and increase your Barton Seagrave property value

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Barton Seagrave have the legal entitlement to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Do think carefully before delaying your Barton Seagrave lease extension. Postponing that expense now simply increases the amount you will eventually have to pay to extend the lease.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lenders may decide not to finance a property with a short lease

Almost all mortgage companies will be unwilling to grant a mortgage on a lease with under seventy years unexpired - although this varies between mortgage companies. A purchaser will undoubtedly find it difficult to obtain a mortgage and this could result in your Barton Seagrave property becoming difficult to dispose of or refinance.

What makes us experts in Barton Seagrave lease extensions?

Using our service gives you increased control over the value of your Barton Seagrave leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Barton Seagrave Lease Extension Case Studies:

Adam, Barton Seagrave, Northamptonshire

Twenty four months ago Adam, started to get close to the eighty-year mark with the lease on his two bedroom apartment in Barton Seagrave. In buying his home two decades ago, the lease term was of little bearing. Fortunately, he recognised he needed to take action soon on Extending the lease. Adam extended the lease just ahead of time last May. Adam and the landlord eventually agreed on sum of £5,500 . If the lease had dropped lower than 80 years, the amount would have increased by at least £975.

Barton Seagrave case:

Dr Zoe Morgan completed a garden flat in Barton Seagrave in June 1999. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by an additional years. Comparable premises in Barton Seagrave with a long lease were valued about £261,600. The mid-range ground rent payable was £60 collected yearly. The lease terminated on 4 November 2078. Given that there were 52 years outstanding we approximated the premium to the landlord for the lease extension to be within £39,000 and £45,000 exclusive of fees.

Barton Seagrave case:

Dr Liam Cooper purchased a purpose-built apartment in Barton Seagrave in October 2004. The question was if we could shed any light on how much (roughly) price would likely be to prolong the lease by 90 years. Comparable homes in Barton Seagrave with a long lease were in the region of £218,000. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease lapsed on 17 March 2089. Taking into account 63 years as a residual term we calculated the premium to the landlord for the lease extension to be between £17,100 and £19,800 plus fees.