Top reasons for Blythe Bridge lease extension

Main reasons to start your Blythe Bridge lease extension today:

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

Blythe Bridge leases on residential properties are gradually losing value. Where your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. If lease term is less than 80 years, you will then be required to pay 50% of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Blythe Bridge will mostly be legally entitled to a lease extension; however It would be wise to check with a lawyer to confirm if you qualify. In certain cases you may not be entitled. There are prescribed deadlines and steps to comply with once the process is triggered so it’s best to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

Leasehold properties in Blythe Bridge with more than one hundred 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 home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Lenders will not lend with a short lease

Banks and Building Societies have set criteria when lending monies charged on leasehold property. Some will simply refuse lend at all once an unexpired lease term falls beneath a specified unexpired lease term. Many Lending institutions will not consider property with a remaining term of less than 75 years as adequate security. As well as this being important when selling, it is also relevant if you are seeking to remortgage your Blythe Bridge home.

Why use us for your lease extension in Blythe Bridge?

Using our service will provide you increased control over the value of your Blythe Bridge leasehold, as your property will be more valuable and saleable in terms of lease length should you want 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.

Blythe Bridge Lease Extension Example Cases:

Victoria, Blythe Bridge, Staffordshire,

After protracted negotiations with the landlord of her one bedroom flat in Blythe Bridge, Victoria started the lease extension process as the 80 year mark was rapidly approaching. The lease extension completed in March 2012. The freeholder’s costs were kept to an absolute minimum.

Blythe Bridge case:

Last Autumn we were approach by Dr George Ricardo , who was assigned a lease of a purpose-built apartment in Blythe Bridge in March 2003. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by 90 years. Identical homes in Blythe Bridge with a long lease were worth £193,400. The average amount of ground rent was £65 invoiced quarterly. The lease came to a finish in 2085. Considering the 59 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £21,900 and £25,200 plus professional charges.

Blythe Bridge case:

Last Summer we were approach by Mr and Mrs. G Thompson , who owned a purpose-built flat in Blythe Bridge in October 2010. We are asked if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Similar properties in Blythe Bridge with a long lease were worth £250,000. The average ground rent payable was £50 billed annually. The lease ended on 18 October 2096. Taking into account 70 years unexpired we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus expenses.