Acocks Green Lease Extension - Free Consultation

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Main reasons to start your Acocks Green lease extension


Why you should commence your Acocks Green lease extension today:

Increase your lease and increase your Acocks Green property value

For those whose Acocks Green home is held on a long lease, the message is clear – if you ignore the situation, the property will eventually revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to extend the lease.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may decide not to lend on a short lease

Nearly all mortgage companies require a lengthy amount of time left on a leasehold property before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should keep in mind that it is likely that someone wishing to purchase your property in the future might well do, so in the event that they are unable to obtain a mortgage, then the financial worth of your property will likely suffer. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barclays plc Mortgage term plus 25 years provided that leases of less than 85 years are be referred to us for approval.
Leeds Building Society 85 years remaing from the start of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.

Get in touch with one of our Acocks Green lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with procure Acocks Green 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 lawyer we work with provide it.

Acocks Green Lease Extension Example Cases:

Callum, Acocks Green, Birmingham

Last October Callum, started to get near to the eighty-year mark with the lease on his garden apartment in Acocks Green. Having purchased his property two decades ago, the unexpired term was of minimal concern. As luck would have it, it dawned on him that he needed to take action soon on Extending the lease. Callum extended the lease just in the nick of time in August. Callum and the landlord who owned the flat above eventually agreed on a premium of £5,000 . If the lease had dropped to less than 80 years, the amount would have increased by at least £975.

Acocks Green case:

Mr and Mrs. N White moved into a basement apartment in Acocks Green in March 2004. The question was if we could estimate the price would be for a 90 year lease extension. Comparable homes in Acocks Green with 100 year plus lease were worth £183,600. The average ground rent payable was £65 billed monthly. The lease ran out on 23 March 2079. Considering the 57 years unexpired we calculated the premium to the landlord for the lease extension to be within £28,500 and £33,000 exclusive of legals.

Acocks Green case:

Dr Natalie Laurent owned a first floor apartment in Acocks Green in July 2010. We are asked if we could approximate the premium would be to prolong the lease by a further 90 years. Similar homes in Acocks Green with an extended lease were in the region of £245,000. The mid-range ground rent payable was £50 invoiced monthly. The lease finished in 2090. Taking into account 68 years outstanding we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of expenses.