Alvechurch leases on residential properties are gradually losing value. Where your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease dips below this level then you begin incurring an additional element called marriage value. Flat owners in Alvechurch will usually qualify for a lease extension; however a solicitor will check if you qualify. In certain situations you may not be entitled. There are also strict timetables and steps to comply with once the process is initiated so it’s prudent to be guided by a conveyancer during the process.
Leasehold residencies in Alvechurch with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Nationwide Building Society | |
| Santander | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
The lawyers that we work with undertake Alvechurch 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 conveyancer we work with provide it.
Trailing protracted negotiations with the landlord of her studio apartment in Alvechurch, Rachael initiated the lease extension process as the eighty year deadline was quickly coming. The lease extension was finalised in September 2013. The landlord’s costs were kept to an absolute minimum.
Mr and Mrs. E Roberts moved into a studio apartment in Alvechurch in July 2001. We are asked if we could shed any light on how much (roughly) premium could be for a ninety year lease extension. Comparable residencies in Alvechurch with 100 year plus lease were valued around £235,200. The mid-range ground rent payable was £45 billed monthly. The lease expired on 9 April 2092. Taking into account 66 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of expenses.
Mr and Mrs. W Clarke owned a ground floor flat in Alvechurch in February 2000. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Identical properties in Alvechurch with an extended lease were worth £275,000. The mid-range amount of ground rent was £55 collected monthly. The lease ran out in 2103. Taking into account 77 years left we calculated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of fees.