Main reasons to commence your Birkenshaw lease extension

Top reasons for lease extension now:

Increase your lease and increase your Birkenshaw property value

The value of Birkenshaw leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate substantially once the unexpired lease term is below than eighty years

An extended lease is almost the same value as a freehold

Leasehold residencies in Birkenshaw with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Lending institutions will not grant a mortgage with a short lease

Most high street banks are tightening their criteria and many now require flats to have a minimum of sixty if not seventy years remaining at the expiry of the mortgage. Given that a number of flats in Birkenshaw were built in the fifties, sixties and seventies this means many now need to be extended if they wish to obtain a mortgage.

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

Lease extensions in Birkenshaw can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge procuring Birkenshaw lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Birkenshaw Lease Extension Example Cases:

Blake, Birkenshaw, West Yorkshire,

Blake was the the leasehold owner of a studio flat in Birkenshaw on the market with a lease of a little over sixty years remaining. Blake on an informal basis approached his landlord being a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £100 yearly. Ordinarily, ground rent would not be due on a lease extension were Blake to exercise his statutory right. Blake procured expert legal guidance and secured satisfactory resolution informally and sell the flat.

Birkenshaw case:

Mrs Jessica David purchased a newly refurbished apartment in Birkenshaw in November 1995. We are asked if we could approximate the premium would likely be to prolong the lease by an additional years. Comparative flats in Birkenshaw with an extended lease were in the region of £216,000. The mid-range ground rent payable was £60 collected annually. The lease came to a finish in 2084. Considering the 58 years remaining we calculated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 not including professional charges.

Birkenshaw case:

Dr B Fournier bought a purpose-built flat in Birkenshaw in February 1996. The question was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Comparable residencies in Birkenshaw with 100 year plus lease were in the region of £200,000. The average amount of ground rent was £50 collected every twelve months. The lease expired in 2104. Taking into account 78 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 plus expenses.