Main reasons to commence your Bloxwich lease extension

Main reasons to start your Bloxwich lease extension today:

Increase your lease and increase your Bloxwich property value

Bloxwich leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Bloxwich residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Bloxwich you really ought to check if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value

An extended lease is almost the same value as a freehold

Leasehold properties in Bloxwich with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may decide not to lend on a short lease

Lenders are tightening their criteria and many now require flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. Considering many flats in Bloxwich were created in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

Get in touch with one of our Bloxwich lease extension solicitors or enfranchisement solicitors

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 conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Bloxwich Lease Extension Example Cases:

Lucy, Bloxwich, Birmingham,

Trailing lengthy correspondence with the freeholder of her two bedroom apartment in Bloxwich, Lucy initiated the lease extension process just as her lease was approaching the all-important 80-year deadline. The lease extension was finalised in June 2008. The freeholder’s fees were kept to an absolute minimum.

Bloxwich case:

Mr Matthew Murphy took over the lease of a studio flat in Bloxwich in June 2006. The question was if we could approximate the premium could be to extend the lease by an additional years. Comparative residencies in Bloxwich with a long lease were valued about £285,000. The average amount of ground rent was £45 collected quarterly. The lease finished in 2097. Given that there were 71 years remaining we calculated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus professional charges.

Bloxwich case:

In 2011 we were contacted by Mr and Mrs. B Mercier who, having purchased a one bedroom flat in Bloxwich in September 2010. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparable properties in Bloxwich with an extended lease were worth £225,800. The average amount of ground rent was £60 invoiced yearly. The lease lapsed on 19 August 2086. Having 60 years left we approximated the compensation to the freeholder to extend the lease to be within £24,700 and £28,600 plus costs.