East Barming leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most East Barming tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in East Barming you really ought to see if your lease has between 70 and ninety years left. There are good reasons why a East Barming leaseholder with a lease having around 80 years remaining should take action to make sure that a lease extension is put in place without delay
Leasehold residencies in East Barming with over one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Chelsea Building Society | |
| Coventry Building Society | |
| TSB |
Lease extensions in East Barming can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor with experience in lease extensions.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring East Barming lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jasper owned a high value apartment in East Barming being marketed with a lease of fraction over fifty eight years outstanding. Jasper on an informal basis approached his freeholder being a well known local-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 yearly. Ordinarily, ground rent would not be due on a lease extension were Jasper to exercise his statutory right. Jasper obtained expert advice and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.
Mrs Francesca Nguyen moved into a studio apartment in East Barming in April 2012. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by an additional years. Comparable residencies in East Barming with an extended lease were valued about £264,000. The average ground rent payable was £60 billed annually. The lease termination date was on 24 September 2079. Considering the 53 years remaining we estimated the compensation to the freeholder to extend the lease to be within £37,100 and £42,800 exclusive of costs.
In 2014 we were approached by Ms Laura Patel who, having moved into a purpose-built flat in East Barming in May 1998. We are asked if we could shed any light on how much (roughly) price would likely be to extend the lease by ninety years. Comparative premises in East Barming with an extended lease were in the region of £225,400. The mid-range ground rent payable was £45 invoiced annually. The lease finished on 16 August 2090. Considering the 64 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £16,200 and £18,600 plus professional charges.