Stop! Your Lease Extension in Acocks Green Could Be FREE

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Many leaseholders in Acocks Green are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Acocks Green has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Acocks Green lease extension

Main reasons to commence your Acocks Green lease extension today:

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

The value of Acocks Green leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate significantly once the unexpired lease term is below than 80 years

Acocks Green property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Acocks Green with more than one hundred years left on the lease are sometimes 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 to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may not grant a mortgage with a short lease

Banks and Building Societies have set criteria when loaning monies secured on leasehold homes. Many will simply not lend at all once the remaining lease term goes beneath a specified unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired below seventy years suitable security. As well as impacting your ability to sell, it is also relevant where you are seeking to remortgage your Acocks Green home.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.
Godiva Mortgages 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 be at least 30 years plus the term of the mortgage at the outset of the mortgage.

Why use us for your lease extension in Acocks Green?

Retaining our service will provide you enhanced control over the value of your Acocks Green leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Acocks Green Lease Extension Case Studies:

Gemma, Acocks Green, Birmingham,

Trailing lengthy negotiations with the landlord of her studio flat in Acocks Green, Gemma initiated the lease extension process just as her lease was approaching the critical eighty-year mark. The lease extension completed in January 2005. The landlord’s fees were kept to an absolute minimum.

Acocks Green case:

Last Spring we were approach by Mrs D Sánchez , who purchased a one bedroom apartment in Acocks Green in March 2002. We are asked if we could estimate the premium could be to extend the lease by a further 90 years. Similar properties in Acocks Green with an extended lease were worth £191,000. The mid-range ground rent payable was £65 collected annually. The lease terminated on 23 August 2084. Having 58 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £23,800 and £27,400 not including legals.

Acocks Green case:

Mr and Mrs. V Wright completed a ground floor apartment in Acocks Green in July 2011. The dilemma was if we could shed any light on how much (roughly) premium could be for a 90 year extension to my lease. Comparative homes in Acocks Green with a long lease were worth £250,000. The mid-range ground rent payable was £50 billed per annum. The lease ended on 23 March 2095. Taking into account 69 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of costs.