Main reasons to commence your Kings Norton lease extension

Main reasons to commence your Kings Norton lease extension today:

Increase your lease and increase your Kings Norton property value

Chances are that if you own a flat in Kings Norton you actually own a long leasehold interest over your property

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

Leasehold properties in Kings Norton with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

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

Nearly all mortgage lenders will not grant a mortgage on a lease with less than seventy years left to run - although this varies between mortgage companies. A purchaser will likely find it difficult to obtain a mortgage and this will result in your Kings Norton property becoming difficult to dispose of or to obtain finance on.

What makes us experts in Kings Norton lease extensions?

Regardless of whether you are a tenant or a freeholder in Kings Norton,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 in-depth market knowledge and the close ties they enjoy with Kings Norton valuers.

Kings Norton Lease Extension Example Cases:

Toby, Kings Norton, Birmingham,

Toby was the the leasehold proprietor of a high value apartment in Kings Norton being marketed with a lease of a few days over 72 years left. Toby on an informal basis contacted his landlord a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £100 annually. Ordinarily, ground rent would not be due on a lease extension were Toby to invoke his statutory right. Toby procured expert advice and was able to make a more informed decision and deal with the matter and sell the property.

Kings Norton case:

Last Winter we were contacted by Ms Shannon James , who purchased a one bedroom flat in Kings Norton in August 2011. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by an additional years. Identical properties in Kings Norton with an extended lease were valued about £166,800. The mid-range ground rent payable was £55 billed every twelve months. The lease lapsed on 19 May 2076. Taking into account 50 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £32,300 and £37,400 plus costs.

Kings Norton case:

Last August we were e-mailed by Mr G Cooper , who was assigned a lease of a studio apartment in Kings Norton in September 2012. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by 90 years. Comparative homes in Kings Norton with 100 year plus lease were valued around £280,000. The mid-range amount of ground rent was £45 invoiced yearly. The lease ran out in 2096. Having 70 years remaining we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of professional charges.