Why you should start your Catshill lease extension

Why you should commence your Catshill lease extension today:

Increase your lease and increase your Catshill property value

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Catshill may extend the lease for a further 90 years in accordance with Leasehold Reform legislation. Do give careful consideration before delaying your Catshill lease extension. Postponing that expense today simply increases the amount you will eventually be required to pay for a lease extension.

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

Leasehold premises in Catshill with over one hundred years unexpired on the lease are sometimes 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 to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lenders will not loan monies with a short lease

Mortgage companies are really restricting their approach as regards to homes in Catshill with short leases. For instance you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus restricting your market.

What makes us experts in Catshill lease extensions?

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

Catshill Lease Extension Case Summaries:

Georgina, Catshill, Worcestershire,

Trailing protracted negotiations with the freeholder of her basement apartment in Catshill, Georgina initiated the lease extension process as the eighty year mark was quickly approaching. The lease extension completed in October 2008. The freeholder’s costs were negotiated to a tad over 500 pounds.

Catshill case:

Dr I Lefebvre owned a one bedroom flat in Catshill in May 1997. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Identical homes in Catshill with an extended lease were worth £200,800. The average amount of ground rent was £65 invoiced monthly. The lease came to a finish in 2086. Taking into account 60 years as a residual term we approximated the premium to the landlord for the lease extension to be within £20,900 and £24,200 not including costs.

Catshill case:

In 2009 we were approached by Dr B Patel who, having moved into a ground floor flat in Catshill in November 2000. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Similar properties in Catshill with 100 year plus lease were valued about £255,000. The mid-range ground rent payable was £50 billed yearly. The lease lapsed on 17 March 2097. Considering the 71 years unexpired we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of expenses.