Top reasons for Belbroughton lease extension

Main reasons to start your Belbroughton lease extension today:

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

Owning a apartment usually means owning a lease of the property, which has a set term of years. your lease will normally be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Belbroughton. Inevitably, the term of lease left reduces over time. This may pass by relatively unnoticed when the residence needs to be sold or refinanced. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease. Eligible leaseholders in Belbroughton have the right to extend the lease for a further ninety years in accordance with legislation. Do give careful deliberation before delaying your Belbroughton lease extension. Holding off that expense now likely increases the price you will eventually incur to extend your lease

Belbroughton property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Lending institutions will not lend with a short lease

The propensity since 2008 has been for lenders to tighten lending criteria across the board - this has extended to the property over which the home loan is to be charged. This has meant the unexpired lease term required by lenders has increased. In the past lenders would lend on a lease with twenty years plus the term of the loan - routinely 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Belbroughton?

The conveyancers that we work with procure Belbroughton 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.

Belbroughton Lease Extension Case Studies:

Robyn, Belbroughton, Worcestershire,

Subsequent to protracted discussions with the freeholder of her one bedroom apartment in Belbroughton, Robyn commenced the lease extension process as the eighty year threshold was quickly coming. The lease extension was concluded in April 2009. The landlord’s fees were kept to an absolute minimum.

Belbroughton case:

In 2012 we were contacted by Mr and Mrs. C Jones who, having bought a first floor flat in Belbroughton in September 2003. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year lease extension. Identical premises in Belbroughton with an extended lease were in the region of £198,800. The average amount of ground rent was £55 collected yearly. The lease came to a finish in 2081. Given that there were 55 years left we estimated the premium to the landlord to extend the lease to be within £33,300 and £38,400 not including costs.

Belbroughton case:

Last Autumn we were approach by Mr D Morris , who owned a first floor flat in Belbroughton in July 2007. We are asked if we could approximate the premium would be for a 90 year lease extension. Comparable flats in Belbroughton with 100 year plus lease were worth £300,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease expiry date was in 2101. Considering the 75 years unexpired we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including legals.