Top reasons for Alvechurch lease extension

Main reasons to start your Alvechurch lease extension today:

A Alvechurch lease depreciates with the years remaining on the lease.

Alvechurch leases on residential deteriorating in value. Where your lease has approximately 90 years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you start paying an additional element called marriage value. Leasehold owners in Alvechurch will mostly be legally entitled to a lease extension; however a solicitor will confirm your eligibility. In certain circumstances you may not qualify. There are also strict deadlines and formalities to follow once the process is initiated so it’s prudent to be guided by a lawyer during the process.

Alvechurch property with a lease extension is almost the same value as a freehold

Leasehold premises in Alvechurch with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lenders will not grant a mortgage with a short lease

Mortgage companies do not lend on short residential leases. You are likely to experience problems where you wish to sell your flat in Alvechurch if the remaining lease term is under the criteria set by the majority of mortgage companies. Different mortgage companies have varying requirements but generally they are looking for an unexpired term of at least 65 years.

What makes us experts in Alvechurch lease extensions?

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

Alvechurch Lease Extension Case Summaries:

Sam, Alvechurch, Worcestershire,

Sam owned a studio flat in Alvechurch on the market with a lease of just over 61 years remaining. Sam on an informal basis approached his landlord being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £50 annually. No ground rent would be payable on a lease extension were Sam to exercise his statutory right. Sam obtained expert advice and was able to make a more informed decision and handle with the matter and readily saleable.

Alvechurch case:

Last Autumn we were phoned by Mr S Lefebvre , who owned a one bedroom flat in Alvechurch in June 1995. The dilemma was if we could approximate the premium would be for a 90 year extension to my lease. Comparable premises in Alvechurch with a long lease were worth £166,400. The average amount of ground rent was £60 invoiced every twelve months. The lease concluded in 2080. Having 54 years left we estimated the compensation to the landlord to extend the lease to be within £32,300 and £37,400 exclusive of professional charges.

Alvechurch case:

In 2013 we were contacted by Dr G Garcia who, having bought a one bedroom apartment in Alvechurch in August 2002. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by 90 years. Comparative homes in Alvechurch with 100 year plus lease were worth £227,800. The mid-range amount of ground rent was £45 billed annually. The lease finished on 3 January 2091. Taking into account 65 years left we approximated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 plus fees.