Why you should commence your Brierley Hill lease extension

Main reasons to start your Brierley Hill lease extension today:

A Brierley Hill lease depreciates with the years remaining on the lease.

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

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies may not lend on a short lease

Nearly all banks and building societies require a lengthy amount of time left on a leasehold residence before they will contemplate providing a mortgage on it. Regardless of whether you require a mortgage, you should bear in mind that it is likely that someone intending to acquire your property in the future might well do, so in the event that they can't secure a mortgage, then the value of the property could be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Brierley Hill lease extensions?

Irrespective of whether you are a tenant or a landlord in Brierley Hill,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Brierley Hill valuers.

Brierley Hill Lease Extension Case Summaries:

Kai, Brierley Hill, Birmingham

During the course of the last few months Kai, came critically near to the 80-year threshold with the lease on his ground floor apartment in Brierley Hill. In buying his flat 18 years previously, the unexpired term was of minimal bearing. As luck would have it, he recognised he would imminently be paying way over the odds for a lease extension. Kai extended the lease just under the wire last July. Kai and the freeholder ultimately agreed on the final figure of £6,000 . If he failed to meet the deadline, the amount would have increased by a minimum £950.

Brierley Hill case:

In 2011 we were e-mailed by Dr Hollie Thompson who, having purchased a one bedroom flat in Brierley Hill in May 2008. The dilemma was if we could estimate the price could be to prolong the lease by an additional years. Identical homes in Brierley Hill with a long lease were in the region of £260,000. The mid-range ground rent payable was £50 invoiced per annum. The lease concluded in 2098. Having 72 years as a residual term we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including fees.

Brierley Hill case:

In 2011 we were phoned by Mr and Mrs. H Allen who, having purchased a studio apartment in Brierley Hill in September 1995. We are asked if we could approximate the premium would likely be to prolong the lease by a further 90 years. Comparable properties in Brierley Hill with a long lease were valued about £261,600. The mid-range amount of ground rent was £60 invoiced quarterly. The lease end date was on 7 October 2078. Given that there were 52 years outstanding we estimated the premium to the landlord to extend the lease to be within £39,000 and £45,000 exclusive of expenses.