Main reasons to commence your Brewood lease extension

Top reasons for lease extension now:

Increase your lease and increase your Brewood property value

Chances are that where you own a flat in Brewood you actually own a long leasehold interest over your property

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

Leasehold residencies in Brewood with more than one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.

Lenders will not grant a mortgage with a short lease

Mortgage companies are really restricting their approach as regards to properties in Brewood with short leases. For instance you might discover that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus restricting your market.

What makes us experts in Brewood lease extensions?

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

Brewood Lease Extension Case Summaries:

Riley, Brewood, Staffordshire

Last October Riley, came very close to the 80-year threshold with the lease on his ground floor flat in Brewood. In buying his property twenty years previously, the unexpired term was of no concern. Luckily, it dawned on him that he needed to take action soon on a lease extension. Riley arranged for a lease extension just under the wire last September. Riley and the landlord who owned the flat above ultimately settled on an amount of £6,000 . If the lease had gone lower than 80 years, the figure would have gone up by at least £1,100.

Brewood case:

Dr Charlie Clark took over the lease of a one bedroom apartment in Brewood in June 2000. We are asked if we could approximate the price could be to extend the lease by an additional years. Similar premises in Brewood with a long lease were in the region of £205,000. The average ground rent payable was £50 billed monthly. The lease lapsed in 2104. Having 78 years outstanding we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 not including legals.

Brewood case:

In 2011 we were approached by Mr N Martínez who, having moved into a ground floor apartment in Brewood in October 2002. The dilemma was if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparative residencies in Brewood with a long lease were in the region of £267,600. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease ended on 4 April 2093. Having 67 years unexpired we approximated the compensation to the landlord to extend the lease to be between £14,300 and £16,400 exclusive of expenses.