Why you should start your Dickens Heath lease extension

Top reasons for lease extension now:

A Dickens Heath lease depreciates with the years remaining on the lease.

Dickens Heath leases on domestic deteriorating in value. if your lease has in the region of ninety years left, you should start thinking about a lease extension. An important point to note is that it is desirable for the lease extension to take place before the term of the current lease falls below eighty years - otherwise a higher premium will be payable. Flat owners in Dickens Heath will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancer to check your eligibility. In some situations you may not be entitled. There are also strict deadlines and steps to comply with once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.

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

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lenders will not loan monies on a short lease

Banks and building societies are really restricting their approach as regards to homes in Dickens Heath with short leases. For example you might discover that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus limiting your market.

What makes us experts in Dickens Heath lease extensions?

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

Dickens Heath Lease Extension Case Summaries:

Georgina, Dickens Heath, Birmingham,

After lengthy discussions with the freeholder of her one bedroom flat in Dickens Heath, Georgina initiated the lease extension process as the 80 year threshold was swiftly coming. The transaction was finalised in August 2008. The freeholder’s costs were kept to an absolute minimum.

Dickens Heath case:

In 2010 we were contacted by Dr P Ricardo who, having moved into a basement apartment in Dickens Heath in June 1996. The dilemma was if we could approximate the premium would likely be for a 90 year extension to my lease. Identical properties in Dickens Heath with a long lease were worth £300,000. The mid-range amount of ground rent was £50 billed yearly. The lease came to a finish on 27 November 2102. Having 76 years remaining we calculated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of fees.

Dickens Heath case:

Ms Katherine Martin took over the lease of a newly refurbished flat in Dickens Heath in February 2010. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year lease extension. Comparable residencies in Dickens Heath with an extended lease were valued around £252,800. The average ground rent payable was £65 billed yearly. The lease finished in 2091. Having 65 years as a residual term we approximated the premium to the landlord for the lease extension to be within £17,100 and £19,800 exclusive of costs.