Top reasons for Balsall Common lease extension

Main reasons to start your Balsall Common lease extension today:

Increase your lease and increase your Balsall Common property value

The market value of Balsall Common 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 materialy once the unexpired lease term is less than 80 years

An extended lease is almost the same value as a freehold

Leasehold premises in Balsall Common with more than 100 years remaining 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 situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lenders may decide not to lend on a short lease

Most mortgage companies require a lengthy amount of time remaining on any leasehold property before they will contemplate providing a mortgage on it. Even if you don't need a mortgage, you should be mindful that it is probable that someone intending to acquire your property in the future might well do, so in the event that they can't obtain a mortgage, then the market price of your property could suffer. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to lend on

Why use us for your lease extension in Balsall Common?

Lease extensions in Balsall Common can be a difficult process. We recommend you obtain guidance from a lawyer and valuer with experience in this area.

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 a wealth of experience procuring Balsall Common lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Balsall Common Lease Extension Case Summaries:

Noah, Balsall Common, Birmingham

Two years ago Noah, came critically near to the 80-year threshold with the lease on his two bedroom flat in Balsall Common. Having purchased his flat two decades ago, the lease term was of no concern. Thankfully, he became aware that he would imminently be paying an escalated premium for Extending the lease. Noah arranged for a lease extension just in the nick of time in January. Noah and the freeholder via the managing agents ultimately settled on sum of £6,000 . If the lease had dropped to less than eighty years, the amount would have become more exhorbitant by a minimum £875.

Balsall Common case:

In 2010 we were approached by Ms Ellie Edwards who, having purchased a first floor flat in Balsall Common in June 1999. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Comparative homes in Balsall Common with an extended lease were worth £183,600. The mid-range amount of ground rent was £65 invoiced monthly. The lease lapsed in 2083. Having 57 years unexpired we approximated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 not including costs.

Balsall Common case:

Last year we were called by Mrs U Norbert , who bought a first floor flat in Balsall Common in July 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by 90 years. Similar homes in Balsall Common with an extended lease were in the region of £250,000. The average ground rent payable was £50 billed yearly. The lease finished in 2094. Given that there were 68 years outstanding we approximated the premium to the freeholder for the lease extension to be between £10,500 and £12,000 plus costs.