Why you should commence your Barnsbury lease extension

Why you should start your Barnsbury lease extension today:

Increase your lease and increase your Barnsbury property value

Barnsbury leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. It is the case that most Barnsbury tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Barnsbury you really ought to see if your lease has between seventy and 90 years left. There are compelling reasons why a Barnsbury flat owner with a lease having around eighty years left should take steps to ensure that a lease extension is effected without delay

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

It is generally considered that a property with more than one hundred years unexpired lease term is worth roughly the equivalent 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 in the future.

Mortgage lenders may not issue a mortgage on a short lease

Banks and building societies are really clamping down as regards to properties in Barnsbury with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus reducing the amount of prospective buyers.

What makes us experts in Barnsbury lease extensions?

Regardless of whether you are a tenant or a landlord in Barnsbury,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Barnsbury valuers.

Barnsbury Lease Extension Case Summaries:

Ben, Barnsbury, North London

Last October Ben, started to get close to the 80-year threshold with the lease on his basement flat in Barnsbury. In buying his flat twenty years previously, the length of the lease was of minimal relevance. Thankfully, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Ben arranged for a lease extension just under the wire in May. Ben and the landlord who owned the flat above in the end agreed on an amount of £6,000 . If he not met the deadline, the price would have become more exhorbitant by at least £875.

Barnsbury case:

Last year we were approach by Mr and Mrs. W Hernández , who completed a basement flat in Barnsbury in March 2000. The dilemma was if we could shed any light on how much (roughly) premium would be to prolong the lease by 90 years. Comparable homes in Barnsbury with an extended lease were in the region of £191,400. The mid-range ground rent payable was £55 billed yearly. The lease lapsed in 2080. Having 54 years remaining we approximated the compensation to the landlord to extend the lease to be within £34,200 and £39,600 plus professional charges.