East Barnet leases on domestic deteriorating in value. if your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease drops below this level then you start incurring an additional element called marriage value. Flat owners in East Barnet will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm your eligibility. In some circumstances you may not be entitled. There are prescribed timetables and steps to follow once the process has commenced so it’s sensible to be guided by a lawyer during the process.
It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Retaining our service gives you better control over the value of your East Barnet leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
After lengthy negotiations with the freeholder of her basement flat in East Barnet, Bethany started the lease extension process as the eighty year threshold was swiftly advancing. The legal work was finalised in July 2010. The freeholder’s costs were kept to an absolute minimum.
Dr V Mitchell owned a studio flat in East Barnet in July 2010. We are asked if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparative properties in East Barnet with an extended lease were in the region of £250,000. The average amount of ground rent was £50 billed annually. The lease elapsed on 1 July 2093. Considering the 68 years unexpired we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including professional charges.
An example of a Freehold Enfranchisement case for a East Barnet flat is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case was in relation to 2 flats. The unexpired lease term was 70.31 years.