Top reasons for Brownhills lease extension

Main reasons to commence your Brownhills lease extension today:

A Brownhills lease depreciates with the years remaining on the lease.

Brownhills leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most Brownhills tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Brownhills you should check if your lease has between seventy and ninety years left. There are compelling reasons why a Brownhills leaseholder with a lease having around eighty years left should take steps to ensure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

Leasehold properties in Brownhills with in excess of 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 to be gained by buying the freehold unless savings on ground rent and service charges warrant it.

Lenders may not finance a property on a short lease

Banks and building societies will not grant a mortgage on short residential leases. You most probably experience problems where you want to sell your flat in Brownhills if the unexpired lease term is under the criteria set by most mortgage companies. Different lenders have different requirements but generally they are looking for an unexpired term of at least 65 years.

What makes us experts in Brownhills lease extensions?

Using our service gives you enhanced control over the value of your Brownhills 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.

Brownhills Lease Extension Case Studies:

Charlotte, Brownhills, Birmingham,

Trailing unsuccessful negotiations with the freeholder of her two bedroom flat in Brownhills, Charlotte started the lease extension process just as the lease was nearing the all-important eighty-year mark. The transaction was concluded in October 2014. The freeholder’s costs were restricted to a tad over five hundred pounds.

Brownhills case:

In 2010 we were e-mailed by Dr R Cook who, having moved into a first floor apartment in Brownhills in October 2001. The question was if we could estimate the price would be for a ninety year extension to my lease. Comparative flats in Brownhills with a long lease were valued about £171,800. The average ground rent payable was £55 billed monthly. The lease ended in 2076. Considering the 50 years left we calculated the premium to the landlord for the lease extension to be between £32,300 and £37,400 not including costs.

Brownhills case:

In 2012 we were e-mailed by Dr Muhammad Lefèvre who, having took over the lease of a basement flat in Brownhills in June 2005. The dilemma was if we could shed any light on how much (roughly) price could be to extend the lease by an additional years. Comparative homes in Brownhills with 100 year plus lease were valued about £280,000. The average ground rent payable was £45 collected monthly. The lease elapsed on 11 February 2096. Taking into account 70 years remaining we estimated the premium to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of fees.