Why you should start your Blackwell lease extension

Top reasons for lease extension now:

Increase your lease and increase your Blackwell property value

Blackwell residential property held on a long lease is a depreciating asset as the leaseholder only owns the property for a period of years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent 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 in the future.

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

Many mortgage companies will not lend on a lease with under seventy years left to run - although this varies between mortgage companies. A buyer will undoubtedly find it difficult to obtain a mortgage and this will result in your Blackwell property being difficult to dispose of or remortgage.

What makes us experts in Blackwell lease extensions?

The conveyancers that we work with procure Blackwell 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.

Blackwell Lease Extension Case Studies:

George, Blackwell, Worcestershire,

George owned a 2 bedroom flat in Blackwell on the market with a lease of a little over fifty eight years unexpired. George on an informal basis approached his freeholder a well known local-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £50 annually. No ground rent would be due on a lease extension were George to invoke his statutory right. George obtained expert legal guidance and secured satisfactory deal without going to tribunal and ending up with a market value flat.

Blackwell case:

Mr and Mrs. F Reed bought a one bedroom apartment in Blackwell in June 2012. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Comparative flats in Blackwell with an extended lease were worth £166,400. The mid-range amount of ground rent was £60 invoiced per annum. The lease terminated on 27 November 2080. Given that there were 54 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £32,300 and £37,400 not including professional charges.

Blackwell case:

In 2014 we were e-mailed by Ms Alisha Girard who, having completed a studio apartment in Blackwell in January 1998. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by ninety years. Similar flats in Blackwell with a long lease were worth £227,800. The mid-range ground rent payable was £45 collected annually. The lease terminated on 6 August 2091. Having 65 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 not including expenses.