Top reasons for Aldridge lease extension

Main reasons to commence your Aldridge lease extension today:

A Aldridge leasehold property depreciates with the years remaining on the lease.

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

An extended lease is almost the same value as a freehold

Leasehold residencies in Aldridge with more than one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.

Lenders may not lend with a short lease

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

Lease extensions in Aldridge can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Aldridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Aldridge Lease Extension Example Cases:

Erin, Aldridge, Birmingham,

After protracted negotiations with the landlord of her first floor flat in Aldridge, Erin commenced the lease extension process as the eighty year deadline was quickly coming. The lease extension was concluded in May 2008. The landlord’s fees were kept to an absolute minimum.

Aldridge case:

Mr Alfie Bonnet purchased a basement flat in Aldridge in November 2004. The dilemma was if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Identical premises in Aldridge with an extended lease were worth £280,000. The mid-range ground rent payable was £45 invoiced every twelve months. The lease lapsed in 2095. Taking into account 69 years unexpired we calculated the premium to the landlord for the lease extension to be within £12,400 and £14,200 not including professional charges.

Aldridge case:

Mr and Mrs. A King acquired a one bedroom apartment in Aldridge in January 2006. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Similar homes in Aldridge with an extended lease were valued around £216,000. The mid-range amount of ground rent was £60 invoiced quarterly. The lease expired on 8 November 2084. Considering the 58 years remaining we calculated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 not including expenses.