Why you should commence your Bloxwich lease extension

Top reasons for lease extension now:

A Bloxwich lease depreciates with the years remaining on the lease.

There is no doubt about it a leasehold property in Bloxwich is a wasting asset as a result of the shortening lease. Where the residual term has, in excess of one hundred years remaining then this decrease may be negligible however there will become a stage when a lease has less than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease without delay. Most flat owners in Bloxwich will qualify for this right; however a conveyancer should be able to confirm if you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

Bloxwich property with a lease extension is almost the same value as a freehold

Leasehold residencies in Bloxwich with more than one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.

Lenders may not grant a mortgage with a short lease

Banks and building societies are really restricting their approach as regards to properties in Bloxwich with short leases. For instance you may find that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus restricting the number of potential buyers.

Why use us for your lease extension in Bloxwich?

Using our service gives you increased control over the value of your Bloxwich leasehold, as your property will be more valuable and saleable in terms of 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.

Bloxwich Lease Extension Example Cases:

Megan, Bloxwich, Birmingham,

After lengthy negotiations with the freeholder of her basement apartment in Bloxwich, Megan started the lease extension process as the 80 year deadline was swiftly approaching. The legal work was finalised in August 2015. The freeholder’s charges were kept to an absolute minimum.

Bloxwich case:

Ms T Lee purchased a studio apartment in Bloxwich in July 2002. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Identical residencies in Bloxwich with an extended lease were worth £223,400. The mid-range ground rent payable was £60 billed yearly. The lease concluded on 4 May 2085. Given that there were 59 years unexpired we calculated the premium to the landlord to extend the lease to be within £27,600 and £31,800 not including fees.

Bloxwich case:

In 2013 we were approached by Mr and Mrs. A André who, having acquired a one bedroom apartment in Bloxwich in March 2012. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by a further 90 years. Comparative residencies in Bloxwich with an extended lease were valued about £205,000. The mid-range amount of ground rent was £50 billed per annum. The lease came to a finish on 5 October 2105. Given that there were 79 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of costs.