Top reasons for Barnsbury lease extension

Main reasons to start your Barnsbury lease extension today:

Increase your lease and increase your Barnsbury property value

Unfortunately that a Barnsbury residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the loss of value being disguised by increases in the Barnsbury property prices.Once your lease nears 85ish years, you should start thinking about a lease extension. If the number of years remaining dips under eighty years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property Most leasehold owners in Barnsbury will be able to extend under the legislation; however a conveyancing solicitor will be able to clarify whether you are eligibility. In some situations you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancer throughout the process.

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

It is generally considered that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to loan monies with a short lease

The trend since 2008 has been for mortgage companies to tighten lending criteria across the board - this has extended to the types of security over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by banks has increased. In the past banks were content with 25 years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many use a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Barnsbury?

The conveyancing solicitors that we work with procure Barnsbury lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Barnsbury Lease Extension Example Cases:

Dylan, Barnsbury, North London

Last year Dylan, started to get close to the eighty-year threshold with the lease on his first floor flat in Barnsbury. Having bought his property two decades ago, the lease term was of minimal relevance. Fortunately, he recognised he needed to take action soon on a lease extension. Dylan was able to extend his lease just in the nick of time last July. Dylan and the freeholder via the managing agents in the end agreed on the final figure of £5,000 . If the lease had gone below eighty years, the amount would have become more costly by a minimum £1,000.

Barnsbury case:

In 2013 we were e-mailed by Mr and Mrs. E Gómez who, having owned a one bedroom apartment in Barnsbury in May 1995. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by a further 90 years. Similar homes in Barnsbury with 100 year plus lease were valued about £280,000. The mid-range amount of ground rent was £45 billed monthly. The lease expired on 13 April 2095. Considering the 69 years outstanding we calculated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of expenses.