Main reasons to start your Blythe Bridge lease extension

Why you should commence your Blythe Bridge lease extension today:

A Blythe Bridge lease depreciates with the years remaining on the lease.

Blythe Bridge residential property held on a long lease is a depreciating asset because a leaseholder merely owns the property for a set term.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Blythe Bridge with more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lenders may decide not to lend with a short lease

Banks and building societies do not like short residential leases. You most probably experience problems where you want to sell your flat in Blythe Bridge if the remaining term of your lease is under the criteria set by the majority of mortgage companies. Different lenders have varying requirements but in the main theyrequire a minimum remaining lease term of 65 years.

Why use us for your lease extension in Blythe Bridge?

Lease extensions in Blythe Bridge can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Blythe Bridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Blythe Bridge Lease Extension Case Summaries:

Rebecca, Blythe Bridge, Staffordshire,

Off the back of protracted correspondence with the landlord of her purpose-built flat in Blythe Bridge, Rebecca commenced the lease extension process as the 80 year deadline was swiftly coming. The transaction was concluded in April 2014. The freeholder’s charges were negotiated to slightly above 500 pounds.

Blythe Bridge case:

Last Summer we were e-mailed by Mr and Mrs. J Khan , who acquired a purpose-built apartment in Blythe Bridge in July 2000. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by a further 90 years. Comparable homes in Blythe Bridge with 100 year plus lease were valued around £280,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease lapsed in 2104. Taking into account 78 years remaining we calculated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 plus fees.

Blythe Bridge case:

Mr and Mrs. I Petit acquired a first floor apartment in Blythe Bridge in June 2012. The question was if we could approximate the price could be for a 90 year extension to my lease. Similar properties in Blythe Bridge with an extended lease were valued about £186,000. The mid-range ground rent payable was £65 invoiced annually. The lease elapsed in 2084. Given that there were 58 years as a residual term we estimated the premium to the landlord to extend the lease to be within £24,700 and £28,600 exclusive of professional charges.