Main reasons to commence your Blakedown lease extension

Main reasons to commence your Blakedown lease extension today:

Increase your lease and increase your Blakedown property value

Blakedown leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Blakedown enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Blakedown you really ought to check if your lease has between 70 and ninety years left. There are compelling reasons why a Blakedown leaseholder with a lease having around eighty years remaining should take steps to make sure that a lease extension is actioned without delay

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for decades to come.

Lending institutions may decide not to grant a mortgage with a short lease

Banks and building societies do not like short residential leases. You most probably experience difficulties if you want to sell your flat in Blakedown if the unexpired term of your lease is less than the criteria set by the majority of lenders. Different lenders have different requirements but in the main they are looking for a minimum remaining lease term of 65 years.

Why use us for your lease extension in Blakedown?

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

Blakedown Lease Extension Case Studies:

Kirsty, Blakedown, Worcestershire,

After unsuccessful negotiations with the landlord of her basement flat in Blakedown, Kirsty started the lease extension process as the eighty year deadline was quickly nearing. The legal work was concluded in March 2005. The freeholder’s charges were negotiated to about 600 pounds.

Blakedown case:

Ms Isobel Baker completed a basement apartment in Blakedown in June 1997. We are asked if we could estimate the premium would likely be for a 90 year lease extension. Similar premises in Blakedown with an extended lease were valued around £280,000. The mid-range ground rent payable was £55 collected quarterly. The lease ran out in 2104. Given that there were 78 years remaining we estimated the premium to the landlord for the lease extension to be within £13,300 and £15,400 not including legals.

Blakedown case:

Dr E Leroy was assigned a lease of a newly refurbished apartment in Blakedown in May 2000. The question was if we could estimate the compensation to the landlord could be for a ninety year lease extension. Comparative flats in Blakedown with 100 year plus lease were valued around £183,600. The average amount of ground rent was £65 invoiced monthly. The lease came to a finish in 2083. Given that there were 57 years as a residual term we calculated the premium to the landlord to extend the lease to be between £28,500 and £33,000 not including expenses.