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Main reasons to start your Barnehurst lease extension

Top reasons for lease extension now:

A Barnehurst lease depreciates with the years remaining on the lease.

Barnehurst residential property held on a long lease is a wasting asset as the leaseholder only owns the property for a period of years.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions may not issue a mortgage with a short lease

Mortgage companies are really clamping down as regards to homes in Barnehurst with short leases. For instance you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you wanted to sell, your only options would be to find a cash buyer, or hope for the best at auction thus narrowing your market.

Lender Requirement
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 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.

Why use us for your lease extension in Barnehurst?

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

Barnehurst Lease Extension Example Cases:

Bethan, Barnehurst, South East London,

In the wake of 6 months of lengthy discussions with the landlord of her ground floor apartment in Barnehurst, Bethan started the lease extension process as the 80 year mark was rapidly nearing. The legal work completed in August 2005. The freeholder’s costs were negotiated to slightly above 600 GBP.

Barnehurst case:

In 2012 we were contacted by Dr O Fournier who, having purchased a one bedroom apartment in Barnehurst in April 1999. We are asked if we could estimate the premium would be to prolong the lease by a further 90 years. Comparable properties in Barnehurst with an extended lease were in the region of £223,400. The average ground rent payable was £60 billed annually. The lease concluded on 1 September 2085. Taking into account 59 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £27,600 and £31,800 exclusive of fees.

Decision in Bexley

An example of a Lease Extension case for a Barnehurst property is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case affected 13 flats. The remaining number of years on the lease was 76 years.