Chelmsley Wood Lease Extension - Free Consultation

Before you progress with your lease extension in Chelmsley Wood
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Why you should start your Chelmsley Wood lease extension


Main reasons to start your Chelmsley Wood lease extension today:

Increase your lease and increase your Chelmsley Wood property value

With a long leasehold premises in Chelmsley Wood, you are actually buying an entitlement to live in a property for a set period of time. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you may consider extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease becomes disproportionately greater notably when there are less than 80 years left. Leasehold owners in Chelmsley Wood with a lease nearing 81 years unexpired should seriously think of extending it without delay. When the lease term has below eighty years remaining, under the current legislation the freeholder can calculate and charge a greater premium, assessed on a technical calculation, strangely termed as “marriage value” which is due.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years in the future.

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

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to get jittery at around 75 years. This will cause difficulties when you come to market or remortgage your flat as it will be effectively unmortgageable. You may have no immediate intention to sell but when you do your purchaser must wait a couple of years before they can exercise the right to a a lease extension.

Lender Requirement
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Chelmsley Wood?

Engaging our service will provide you increased control over the value of your Chelmsley Wood leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Chelmsley Wood Lease Extension Example Cases:

Chantelle, Chelmsley Wood, Birmingham,

Following unsuccessful correspondence with the landlord of her purpose-built flat in Chelmsley Wood, Chantelle initiated the lease extension process just as her lease was approaching the critical eighty-year deadline. The lease extension completed in June 2009. The landlord’s costs were negotiated to below 650 pounds.

Chelmsley Wood case:

Mr T Lambert was assigned a lease of a ground floor apartment in Chelmsley Wood in April 1998. The question was if we could approximate the premium would likely be for a 90 year lease extension. Comparative residencies in Chelmsley Wood with 100 year plus lease were valued around £270,000. The average ground rent payable was £55 collected yearly. The lease came to a finish on 25 October 2099. Having 74 years unexpired we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus fees.

Chelmsley Wood case:

In 2013 we were phoned by Dr Henry Sharif who, having moved into a newly refurbished apartment in Chelmsley Wood in February 2003. The dilemma was if we could approximate the premium would be for a 90 year lease extension. Comparative residencies in Chelmsley Wood with a long lease were in the region of £166,400. The mid-range amount of ground rent was £60 invoiced yearly. The lease elapsed on 22 July 2079. Having 54 years remaining we calculated the compensation to the landlord for the lease extension to be within £32,300 and £37,400 exclusive of legals.