Why you should commence your Birkenhead lease extension

Why you should start your Birkenhead lease extension today:

A Birkenhead leasehold property depreciates with the years remaining on the lease.

Birkenhead leases on domestic properties are gradually losing value. if your lease has in the region of ninety years left, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to take place before the term of the existing lease dips below 80 years - otherwise a higher amount will be due. Leasehold owners in Birkenhead will usually be legally entitled to a lease extension; however a solicitor should be able confirm if you qualify. In certain circumstances you may not be entitled. There are prescribed timetables and procedures to follow once the process has commenced so it’s wise to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to finance a property on a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now want flats to have a minimum of 60 if not 70 years remaining at the end of the mortgage. As a number of flats in Birkenhead were built in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Birkenhead?

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

Birkenhead Lease Extension Case Summaries:

Isobel, Birkenhead, Merseyside,

Subsequent to lengthy correspondence with the freeholder of her two bedroom flat in Birkenhead, Isobel commenced the lease extension process as the eighty year mark was rapidly nearing. The legal work was finalised in August 2015. The landlord’s charges were restricted to about 650 GBP.

Birkenhead case:

Mr and Mrs. Y Rodríguez moved into a first floor apartment in Birkenhead in September 2001. The question was if we could shed any light on how much (approximately) premium would be for a ninety year lease extension. Similar residencies in Birkenhead with 100 year plus lease were valued about £300,000. The average amount of ground rent was £50 collected monthly. The lease finished on 4 September 2102. Considering the 76 years remaining we approximated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of fees.

Birkenhead case:

Last January we were phoned by Ms Rachael Cox , who completed a first floor apartment in Birkenhead in October 2003. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Comparative premises in Birkenhead with a long lease were valued about £252,800. The mid-range amount of ground rent was £65 invoiced yearly. The lease expired in 2091. Considering the 65 years unexpired we calculated the premium to the freeholder for the lease extension to be within £17,100 and £19,800 not including fees.