Main reasons to commence your Birstall lease extension

Main reasons to commence your Birstall lease extension today:

Increase your lease and increase your Birstall property value

Owning a flat usually means owning a lease of the property, which has a finite term of years. The lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Birstall. Inevitably, the length of lease remaining reduces as time goes by. This is often overlooked and only becomes a problem 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. Qualifying leaseholders in Birstall have the legal entitlement to extend the lease for a further 90 years in accordance with statute. You should give careful deliberation before putting off your Birstall lease extension. Holding off that expense now only increases the price you will ultimately have to pay for a lease extension

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies will not finance a property with a short lease

Many banks and building societies will not grant a mortgage on a lease with under 70 years left to run - although this varies from lender to lender. A buyer will undoubtedly encounter difficulties to obtain a mortgage and this could result in your Birstall property being difficult to dispose of or to obtain finance on.

What makes us experts in Birstall lease extensions?

The lawyers that we work with procure Birstall 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.

Birstall Lease Extension Example Cases:

Theo, Birstall, Leicestershire

During the course of the last few months Theo, came perilously close to the 80-year threshold with the lease on his two bedroom apartment in Birstall. Having purchased his property two decades ago, the length of the lease was of little relevance. by good luck, he recognised he needed to take steps soon on a lease extension. Theo was able to extend his lease just under the wire last January. Theo and the freeholder via the managing agents ultimately agreed on sum of £6,000 . If the lease had fallen below eighty years, the figure would have increased by at least £875.

Birstall case:

In 2012 we were contacted by Mrs Gemma Parker who, having was assigned a lease of a first floor apartment in Birstall in November 2007. The question was if we could approximate the premium could be for a 90 year lease extension. Comparable residencies in Birstall with an extended lease were worth £250,400. The average ground rent payable was £65 invoiced monthly. The lease lapsed in 2090. Taking into account 64 years left we estimated the compensation to the freeholder for the lease extension to be within £19,000 and £22,000 plus expenses.

Birstall case:

In 2013 we were called by Mr and Mrs. I Cox who, having completed a ground floor apartment in Birstall in April 2003. The dilemma was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by 90 years. Comparable properties in Birstall with 100 year plus lease were in the region of £189,000. The average amount of ground rent was £55 billed every twelve months. The lease lapsed in 2079. Having 53 years unexpired we estimated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 not including fees.