Top reasons for Balsall Heath lease extension

Main reasons to start your Balsall Heath lease extension today:

A Balsall Heath leasehold property depreciates with the years remaining on the lease.

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

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to lend on a short lease

Nearly all banks and building societies require a lengthy amount of time remaining on any leasehold property before they will consider lending on it. Regardless of whether you require a mortgage, you should keep in mind that it is probable that someone wishing to acquire your property in the future might well do, so where they are not able to obtain a mortgage, then the market price of the property will likely suffer. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

Why use us for your lease extension in Balsall Heath?

The lawyers that we work with handle Balsall Heath 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 conveyancing solicitor we work with provide it.

Balsall Heath Lease Extension Case Studies:

Dylan, Balsall Heath, Birmingham,

Dylan was the the leasehold proprietor of a 2 bedroom apartment in Balsall Heath on the market with a lease of a few days over sixty years left. Dylan on an informal basis approached his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Dylan to invoke his statutory right. Dylan obtained expert advice and secured an acceptable deal informally and sell the flat.

Balsall Heath case:

Last June we were e-mailed by Mr and Mrs. I Rogers , who acquired a garden flat in Balsall Heath in November 1999. We are asked if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Similar residencies in Balsall Heath with a long lease were in the region of £290,000. The average amount of ground rent was £45 collected every twelve months. The lease termination date was in 2099. Given that there were 73 years left we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of fees.

Balsall Heath case:

In 2010 we were phoned by Dr Daisy Young who, having acquired a first floor apartment in Balsall Heath in March 1997. The dilemma was if we could estimate the price could be to prolong the lease by 90 years. Comparative properties in Balsall Heath with 100 year plus lease were in the region of £240,600. The average amount of ground rent was £60 collected monthly. The lease expired on 11 January 2088. Taking into account 62 years as a residual term we calculated the premium to the landlord for the lease extension to be within £21,900 and £25,200 plus costs.