Top reasons for West Barnes lease extension

Why you should start your West Barnes lease extension today:

Increase your lease and increase your West Barnes property value

When it comes to residential leasehold property in West Barnes, you are actually buying a right to reside in a property for a set period of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may consider a lease extension sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly especially once there are fewer than eighty years left. Residents in West Barnes with a lease nearing 81 years left should seriously consider extending it as soon as possible. When a lease has below 80 years left, under the current Act the landlord can calculate and demand a larger premium, assessed on a technical multiplication, strangely termed as “marriage value” which is payable.

West Barnes property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lending institutions may decide not to finance a property with a short lease

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

Irrespective of whether you are a tenant or a freeholder in West Barnes,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 West Barnes valuers.

West Barnes Lease Extension Case Summaries:

Harrison, West Barnes, South West London,

Harrison owned a high value apartment in West Barnes being marketed with a lease of a little over fifty eight years outstanding. Harrison on an informal basis contacted his landlord a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Harrison to invoke his statutory right. Harrison obtained expert legal guidance and secured an acceptable resolution without going to tribunal and readily saleable.

West Barnes case:

In 2014 we were e-mailed by Mr O Howard who, having acquired a one bedroom flat in West Barnes in September 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by 90 years. Identical properties in West Barnes with a long lease were valued around £275,000. The average amount of ground rent was £55 collected monthly. The lease lapsed on 21 October 2103. Taking into account 77 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 not including professional charges.