Main reasons to start your Barton Upon Humber lease extension

Why you should commence your Barton Upon Humber lease extension today:

A Barton Upon Humber leasehold property depreciates with the years remaining on the lease.

Barton Upon Humber 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 gets more expensive. It is the case that most Barton Upon Humber tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Barton Upon Humber you must investigate if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

Barton Upon Humber property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years left, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not loan monies with a short lease

The trend since over the last decade has been for mortgage companies to tighten lending criteria generally - 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 mortgage companies has increased. In the past banks were content with 25 years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

What makes us experts in Barton Upon Humber lease extensions?

Regardless of whether you are a tenant or a landlord in Barton Upon Humber,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 Upon Humber valuers.

Barton Upon Humber Lease Extension Case Studies:

Luke, Barton Upon Humber, Lincolnshire,

Luke was the the leasehold proprietor of a studio apartment in Barton Upon Humber on the market with a lease of a little over 59 years remaining. Luke on an informal basis approached his freeholder being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Luke to invoke his statutory right. Luke procured expert advice and was able to make an informed judgement and handle with the matter and ending up with a market value flat.

Barton Upon Humber case:

Last Summer we were approach by Ms Ellie Lee , who was assigned a lease of a studio apartment in Barton Upon Humber in October 2012. We are asked if we could estimate the compensation to the landlord would be for a ninety year lease extension. Comparative residencies in Barton Upon Humber with 100 year plus lease were worth £225,400. The average amount of ground rent was £45 billed yearly. The lease finished on 20 October 2090. Taking into account 64 years outstanding we approximated the premium to the landlord for the lease extension to be between £16,200 and £18,600 exclusive of fees.

Barton Upon Humber case:

Mr and Mrs. C Khan acquired a purpose-built apartment in Barton Upon Humber in January 2008. The dilemma was if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative residencies in Barton Upon Humber with an extended lease were worth £270,000. The average amount of ground rent was £55 invoiced quarterly. The lease lapsed in 2101. Having 75 years left we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus expenses.