Main reasons to commence your Dickens Heath lease extension

Top reasons for lease extension now:

Increase your lease and increase your Dickens Heath property value

Chances are that where you own a flat in Dickens Heath you actually own a long leasehold interest over your property

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

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lenders may decide not to lend on a short lease

Mortgage lenders have set criteria when lending funds secured on leasehold property. Some will simply not lend at all once an unexpired lease term slips beneath a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining below 75 years as acceptable security. As well as this being important when selling, it is also relevant if you are intending to refinance your Dickens Heath home.

Get in touch with one of our Dickens Heath lease extension solicitors or enfranchisement solicitors

Lease extensions in Dickens Heath can be a difficult process. We recommend you procure professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Dickens Heath lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Dickens Heath Lease Extension Example Cases:

Jasmine, Dickens Heath, Birmingham,

Off the back of unsuccessful negotiations with the freeholder of her two bedroom apartment in Dickens Heath, Jasmine commenced the lease extension process as the eighty year mark was fast coming. The lease extension was finalised in October 2007. The freeholder’s fees were restricted to less than 650 GBP.

Dickens Heath case:

Ms Sarah Davies was assigned a lease of a garden flat in Dickens Heath in October 1995. The dilemma was if we could estimate the price would likely be for a ninety year extension to my lease. Comparative homes in Dickens Heath with a long lease were in the region of £208,600. The average ground rent payable was £60 collected every twelve months. The lease terminated in 2083. Having 57 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £30,400 and £35,200 exclusive of professional charges.

Dickens Heath case:

Mr and Mrs. P Kelly moved into a purpose-built flat in Dickens Heath in June 2008. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Comparable flats in Dickens Heath with a long lease were worth £200,000. The average ground rent payable was £50 invoiced per annum. The lease concluded on 24 September 2103. Taking into account 77 years unexpired we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 not including costs.