The closer a residential lease in Cradley Heath gets to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, in excess of 100 years to run then this decrease may be of little impact however there will become a point in time when a lease has under than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should extend the lease without delay. Many flat owners in Cradley Heath will qualify for this right; however a lawyer can confirm if you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a property with over 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Leeds Building Society | |
| Santander | |
| TSB |
Engaging our service will provide you increased control over the value of your Cradley Heath leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Theo owned a studio flat in Cradley Heath on the market with a lease of a little over 72 years unexpired. Theo informally contacted his landlord a well known local-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Theo to invoke his statutory right. Theo procured expert legal guidance and secured satisfactory deal informally and ending up with a market value flat.
Dr Hunter Flores completed a one bedroom flat in Cradley Heath in November 2002. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Similar homes in Cradley Heath with a long lease were in the region of £280,000. The mid-range ground rent payable was £45 billed annually. The lease ended on 15 September 2096. Given that there were 70 years outstanding we estimated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of legals.
In 2013 we were contacted by Dr I White who, having bought a purpose-built apartment in Cradley Heath in April 2005. We are asked if we could estimate the premium would likely be to extend the lease by 90 years. Identical homes in Cradley Heath with an extended lease were worth £223,400. The mid-range amount of ground rent was £60 billed annually. The lease ended on 11 March 2085. Having 59 years unexpired we estimated the compensation to the landlord for the lease extension to be within £27,600 and £31,800 exclusive of expenses.