Main reasons to commence your Browns Green lease extension

Top reasons for lease extension now:

Increase your lease and increase your Browns Green property value

The nearer a domestic lease in Browns Green gets to zero years unexpired, the more it reduces the value of the property. Where the residual term has, beyond 100 years remaining then this decrease may be of little impact nevertheless there will become a stage when a lease has under than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should consider extending sooner as opposed to later. Many flat owners in Browns Green will qualify for this right; however a conveyancing solicitor can advise whether you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not grant a mortgage on a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to become jittery at around 75 years. This will cause difficulties once you wish to market or remortgage your flat as it will be practically unmortgageable. You might have no imminent plan to sell but when you do your buyer will have to wait two years before being able to commence the legal procedures for an extension to the lease.

Get in touch with one of our Browns Green lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a landlord in Browns Green,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 in-depth market knowledge and the close ties they enjoy with Browns Green valuers.

Browns Green Lease Extension Example Cases:

Ryan, Browns Green, Birmingham

Last year Ryan, came precariously near to the eighty-year mark with the lease on his ground floor apartment in Browns Green. Having bought his home two decades ago, the lease term was of little relevance. As luck would have it, he noticed he would soon be paying an escalated premium for a lease extension. Ryan arranged for a lease extension just in the nick of time last June. Ryan and the landlord ultimately settled on a premium of £5,500 . If he had missed the deadline, the figure would have gone up by a minimum £850.

Browns Green case:

Ms A Khan acquired a newly refurbished flat in Browns Green in November 2008. The dilemma was if we could estimate the premium would be for a ninety year extension to my lease. Comparative homes in Browns Green with an extended lease were in the region of £218,000. The average amount of ground rent was £45 billed per annum. The lease concluded on 14 January 2089. Given that there were 63 years as a residual term we estimated the premium to the landlord for the lease extension to be between £17,100 and £19,800 plus fees.

Browns Green case:

Mrs V Carter moved into a purpose-built flat in Browns Green in October 2000. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Similar premises in Browns Green with 100 year plus lease were valued around £265,000. The mid-range amount of ground rent was £55 billed per annum. The lease end date was on 9 May 2100. Considering the 74 years unexpired we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus costs.