Main reasons to commence your Birmingham and the Black Country lease extension

Main reasons to start your Birmingham and the Black Country lease extension today:

A Birmingham and the Black Country lease depreciates with the years remaining on the lease.

For anyone whose Birmingham and the Black Country property is held on a long lease, our message is clear – if you ignore the situation, your property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to obtain a lease extension.

An extended lease is almost the same value as a freehold

Leasehold properties in Birmingham and the Black Country with over one hundred years outstanding 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 buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders will not grant a mortgage on a short lease

Banks and Building Societies have set criteria when lending funds secured on leasehold homes. Many will simply not lend at all once the residual lease term goes lower than a certain unexpired lease term. Many Lending institutions will not regard property with a remaining below 75 years as adequate security. In addition to impacting your ability to sell, it is also relevant where you are intending to refinance your Birmingham and the Black Country property.

Why use us for your lease extension in Birmingham and the Black Country?

Retaining our service gives you increased control over the value of your Birmingham and the Black Country leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Birmingham and the Black Country Lease Extension Example Cases:

Laura, Birmingham and the Black Country, Birmingham,

Following protracted discussions with the landlord of her one bedroom flat in Birmingham and the Black Country, Laura started the lease extension process as the 80 year deadline was rapidly coming. The lease extension was concluded in March 2007. The freeholder’s fees were negotiated to less than 450 pounds.

Birmingham and the Black Country case:

Last year we were called by Mr and Mrs. D Ali , who purchased a ground floor flat in Birmingham and the Black Country in April 2012. We are asked if we could estimate the premium would be to prolong the lease by an additional years. Comparable homes in Birmingham and the Black Country with an extended lease were worth £264,000. The average amount of ground rent was £60 billed yearly. The lease concluded in 2079. Given that there were 53 years unexpired we estimated the compensation to the landlord to extend the lease to be between £37,100 and £42,800 not including professional charges.

Birmingham and the Black Country case:

Last month we were called by Dr T Baker , who bought a garden flat in Birmingham and the Black Country in November 1997. We are asked if we could estimate the price could be to prolong the lease by an additional years. Similar premises in Birmingham and the Black Country with 100 year plus lease were worth £220,400. The mid-range ground rent payable was £45 collected annually. The lease finished on 11 August 2090. Given that there were 64 years remaining we calculated the premium to the landlord for the lease extension to be within £16,200 and £18,600 plus expenses.