Why you should commence your Astwood Bank lease extension

Why you should commence your Astwood Bank lease extension today:

Increase your lease and increase your Astwood Bank property value

Astwood Bank leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Astwood Bank enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Astwood Bank you really ought to check if your lease has between seventy and ninety years left. There are compelling reasons why a Astwood Bank flat owner with a lease having around eighty years left should take steps to ensure that a lease extension is actioned without delay

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

Leasehold residencies in Astwood Bank with more than one hundred years unexpired on the lease are often 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 to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.

Banks and Building Societies will not issue a mortgage on a short lease

Mortgage companies are really restricting their approach as regards to properties in Astwood Bank with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you needed to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus limiting the amount of potential purchasers.

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

The conveyancing solicitors that we work with undertake Astwood Bank 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.

Astwood Bank Lease Extension Example Cases:

Kelsey, Astwood Bank, Worcestershire,

Off the back of protracted discussions with the freeholder of her garden apartment in Astwood Bank, Kelsey initiated the lease extension process just as her lease was nearing the crucial eighty-year mark. The transaction was concluded in July 2009. The landlord’s charges were restricted to under 600 GBP.

Astwood Bank case:

Last Autumn we were phoned by Dr Grace Hall , who owned a purpose-built apartment in Astwood Bank in March 1997. We are asked if we could estimate the premium would likely be for a ninety year extension to my lease. Similar residencies in Astwood Bank with an extended lease were worth £255,000. The average ground rent payable was £50 billed yearly. The lease elapsed on 20 April 2096. Taking into account 70 years left we calculated the compensation to the landlord for the lease extension to be within £10,500 and £12,000 not including costs.

Astwood Bank case:

Dr M Robinson completed a basement apartment in Astwood Bank in January 1997. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by a further 90 years. Similar homes in Astwood Bank with an extended lease were valued around £246,800. The mid-range ground rent payable was £60 collected annually. The lease ran out on 2 September 2076. Considering the 50 years unexpired we calculated the premium to the freeholder to extend the lease to be within £44,700 and £51,600 plus legals.