Top reasons for West Barnes lease extension

Top reasons for lease extension now:

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

Unfortunately that a West Barnes residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the first few years due to the loss of value being disguised by increases in the West Barnes property prices.Where your lease has approximately ninety years left, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips lower than eighty years - otherwise a higher amount will be payable. Most flat owners in West Barnes will be able to extend under the legislation; however a lawyer should be able to confirm if you qualify for an extension. In some situations you may not qualify. There are also strict deadlines and procedures to be adhered to once the process is initiated and you will need to be guided by your lawyer for the duration of the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for decades to come.

Lending institutions will not finance a property with a short lease

Almost all mortgage lenders will be unwilling to grant a mortgage on a lease with under 70 years left to run - although this varies from lender to lender. A buyer will no doubt encounter difficulties to obtain a mortgage and this could result in your West Barnes property being difficult to dispose of or to obtain finance on.

Why use us for your lease extension in West Barnes?

Using our service gives you better control over the value of your West Barnes leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

West Barnes Lease Extension Example Cases:

Leah, West Barnes, South West London,

Subsequent to lengthy negotiations with the landlord of her basement apartment in West Barnes, Leah initiated the lease extension process just as the lease was nearing the critical eighty-year mark. The lease extension was concluded in September 2007. The freeholder’s costs were kept to an absolute minimum.

West Barnes case:

In 2014 we were called by Dr Bethan Kelly who, having completed a ground floor flat in West Barnes in September 2009. The question was if we could approximate the premium could be for a ninety year lease extension. Identical premises in West Barnes with a long lease were in the region of £265,000. The mid-range ground rent payable was £50 invoiced monthly. The lease terminated in 2099. Having 73 years left we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of costs.