Main reasons to commence your Great Barr lease extension

Main reasons to commence your Great Barr lease extension today:

Increase your lease and increase your Great Barr property value

Great Barr leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Great Barr enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Great Barr you should see if your lease has between seventy and 90 years left. There are good reasons why a Great Barr leaseholder with a lease having around 80 years remaining should take action to ensure that a lease extension is effected without delay

Great Barr property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years in the future.

Lenders will not grant a mortgage on a short lease

Banks and building societies are really clamping down as regards to homes in Great Barr with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus reducing the amount of potential buyers.

What makes us experts in Great Barr lease extensions?

Regardless of whether you are a tenant or a freeholder in Great Barr,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Great Barr valuers.

Great Barr Lease Extension Example Cases:

Riley, Great Barr, Birmingham,

Riley owned a conversion flat in Great Barr on the market with a lease of fraction over fifty eight years left. Riley informally contacted his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Riley to invoke his statutory right. Riley obtained expert legal guidance and secured satisfactory deal informally and sell the property.

Great Barr case:

Mr Thomas Cook completed a studio flat in Great Barr in June 2000. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by a further 90 years. Similar flats in Great Barr with 100 year plus lease were in the region of £252,800. The average amount of ground rent was £65 billed every twelve months. The lease concluded on 1 March 2091. Having 65 years left we calculated the compensation to the landlord to extend the lease to be within £18,100 and £20,800 plus costs.

Great Barr case:

In 2011 we were contacted by Mr Aarav Robinson who, having moved into a garden flat in Great Barr in July 2007. The dilemma was if we could estimate the premium would likely be for a ninety year extension to my lease. Similar residencies in Great Barr with an extended lease were valued around £191,400. The mid-range amount of ground rent was £55 invoiced yearly. The lease ran out in 2080. Taking into account 54 years remaining we approximated the compensation to the freeholder to extend the lease to be within £34,200 and £39,600 plus costs.