Why you should start your West Barnes lease extension

Why you should commence your West Barnes lease extension today:

A West Barnes leasehold property depreciates with the years remaining on the lease.

The value of West Barnes leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase materialy once the remaining term is less than 80 years

West Barnes property with a lease extension has roughly the same value as a freehold

Leasehold premises in West Barnes with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Lenders may not loan monies on a short lease

Get in touch with one of our West Barnes lease extension solicitors or enfranchisement solicitors

Lease extensions in West Barnes can be a difficult process. We recommend you get guidance from a conveyancing solicitor 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 West Barnes lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

West Barnes Lease Extension Example Cases:

Blake, West Barnes, South West London

Last year Blake, came perilously close to the eighty-year threshold with the lease on his purpose- built flat in West Barnes. In buying his property two decades ago, the length of the lease was of no relevance. As luck would have it, he recognised he would imminently be paying an escalated premium for a lease extension. Blake extended the lease just under the wire in July. Blake and the freeholder via the managing agents ultimately agreed on an amount of £5,000 . If the lease had descended to less than eighty years, the sum would have increased by a minimum £1,075.

West Barnes case:

Mr Daniel Pérez took over the lease of a purpose-built apartment in West Barnes in June 1996. The dilemma was if we could estimate the compensation to the landlord could be for a ninety year lease extension. Comparative residencies in West Barnes with an extended lease were in the region of £227,800. The average ground rent payable was £45 invoiced per annum. The lease elapsed in 2091. Given that there were 65 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of fees.