Castle Bromwich leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Castle Bromwich enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Castle Bromwich you should investigate if your lease has between 70 and 90 years remaining. There are compelling reasons why a Castle Bromwich leaseholder with a lease having around 80 years left should take action to ensure that a lease extension is actioned without delay
It is conventional wisdom that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| Leeds Building Society | |
| Skipton Building Society |
Using our service will provide you better control over the value of your Castle Bromwich leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Luke owned a high value apartment in Castle Bromwich on the market with a lease of fraction over 59 years remaining. Luke informally approached his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 yearly. No ground rent would be due on a lease extension were Luke to invoke his statutory right. Luke obtained expert advice and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.
Last Winter we were phoned by Mr Kyle Phillips , who purchased a newly refurbished flat in Castle Bromwich in November 2010. The question was if we could estimate the premium would be for a ninety year extension to my lease. Comparative homes in Castle Bromwich with a long lease were valued about £210,000. The mid-range ground rent payable was £50 invoiced every twelve months. The lease came to a finish in 2106. Taking into account 80 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of professional charges.
Last Spring we were phoned by Mr and Mrs. P Morel , who completed a studio flat in Castle Bromwich in April 2002. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by ninety years. Identical flats in Castle Bromwich with 100 year plus lease were valued around £280,000. The mid-range ground rent payable was £45 billed per annum. The lease terminated on 7 April 2095. Considering the 69 years left we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus fees.