Why you should commence your Acocks Green lease extension

Top reasons for lease extension now:

A Acocks Green lease depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Acocks Green you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold residencies in Acocks Green with over one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.

Lenders will not finance a property on a short lease

Many mortgage companies insist on a lengthy amount of time remaining on any leasehold property before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should be mindful that it is reasonable to assume that someone wanting to purchase your property in the future might well do, so in the event that they are not able to obtain a mortgage, then the market price of your property will likely suffer. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are prepared to lend on

Why use us for your lease extension in Acocks Green?

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

Acocks Green Lease Extension Example Cases:

Kate, Acocks Green, Birmingham,

Subsequent to unsuccessful discussions with the landlord of her leasehold flat in Acocks Green, Kate started the lease extension process as the 80 year threshold was quickly advancing. The transaction completed in August 2006. The landlord’s fees were restricted to about 600 GBP.

Acocks Green case:

Last Summer we were called by Dr Alexander Ali , who purchased a garden flat in Acocks Green in October 2007. The dilemma was if we could approximate the premium would be to prolong the lease by an additional years. Comparative residencies in Acocks Green with a long lease were worth £265,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease came to a finish in 2099. Having 73 years unexpired we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including legals.

Acocks Green case:

In 2013 we were e-mailed by Mr and Mrs. T François who, having completed a newly refurbished apartment in Acocks Green in April 2008. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by ninety years. Similar premises in Acocks Green with a long lease were in the region of £264,000. The average amount of ground rent was £60 billed every twelve months. The lease elapsed on 3 January 2079. Having 53 years outstanding we approximated the premium to the freeholder to extend the lease to be between £37,100 and £42,800 not including fees.