Main reasons to start your Earls Barton lease extension

Top reasons for lease extension now:

A Earls Barton lease depreciates with the years remaining on the lease.

For anyone whose Earls Barton home is held on a long lease, our message is clear – if no remedial action is taken, the property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more expensive it will be to procure a lease extension.

Earls Barton property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders may not finance a property with a short lease

Almost all mortgage lenders insist on a lengthy amount of time left on a leasehold property before they will consider it as adequate security. Regardless of whether you need a mortgage, you should keep in mind that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so in the event that they can't get a mortgage, then the financial worth of your property could suffer. In the last decade most banks and building societies have increased the required minimum lease length that they are willing to lend on

Why use us for your lease extension in Earls Barton?

The conveyancers that we work with procure Earls Barton 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.

Earls Barton Lease Extension Example Cases:

Jude, Earls Barton, Northamptonshire

Half a year ago Jude, came critically near to the eighty-year threshold with the lease on his leasehold flat in Earls Barton. Having purchased his flat two decades ago, the length of the lease was of no concern. Fortunately, he became aware that he needed to take steps soon on Extending the lease. Jude extended the lease just in the nick of time last January. Jude and the landlord who owned the flat above subsequently agreed on the final figure of £5,000 . If the lease had dropped below 80 years, the premium would have increased by at least £925.

Earls Barton case:

In 2009 we were phoned by Mr L Ramírez who, having bought a first floor apartment in Earls Barton in March 2002. The dilemma was if we could approximate the premium could be for a 90 year lease extension. Identical properties in Earls Barton with a long lease were worth £254,200. The average amount of ground rent was £60 invoiced per annum. The lease expired in 2077. Having 51 years remaining we calculated the premium to the freeholder for the lease extension to be between £43,700 and £50,600 exclusive of legals.

Earls Barton case:

In 2013 we were called by Mr and Mrs. J Clark who, having acquired a one bedroom flat in Earls Barton in October 2004. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by 90 years. Comparative properties in Earls Barton with an extended lease were in the region of £210,600. The average ground rent payable was £45 collected quarterly. The lease elapsed on 13 November 2088. Considering the 62 years left we calculated the premium to the landlord for the lease extension to be between £18,100 and £20,800 plus expenses.