Main reasons to commence your Hall Green lease extension

Why you should commence your Hall Green lease extension today:

A Hall Green lease depreciates with the years remaining on the lease.

For those whose Hall Green property is held on a long lease, the message is clear – if no remedial action is taken, the property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to extend the lease.

Hall Green property with a lease extension is almost the same value as a freehold

Leasehold properties in Hall Green with over one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not lend on a short lease

Most high street banks are tightening their criteria and a meaningful number now require flats to have a minimum of 60 if not 70 years remaining at the end of the mortgage. Given that many flats in Hall Green were created in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Hall Green?

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

Hall Green Lease Extension Example Cases:

Noah, Hall Green, Birmingham

Last Winter Noah, came dangerously close to the eighty-year threshold with the lease on his ground floor flat in Hall Green. Having bought his property two decades ago, the lease term was of no bearing. As luck would have it, he became aware that he would soon be paying an inflated amount for Extending the lease. Noah arranged for a lease extension just under the wire in August. Noah and the freeholder via the management company in the end settled on the final figure of £5,500 . If the lease had slid to less than 80 years, the figure would have gone up by a minimum £1,025.

Hall Green case:

Mr Stanley Williams purchased a ground floor flat in Hall Green in October 1997. We are asked if we could approximate the price would be to extend the lease by an additional years. Comparable properties in Hall Green with 100 year plus lease were worth £205,000. The average ground rent payable was £50 collected per annum. The lease termination date was on 22 July 2104. Given that there were 78 years remaining we estimated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 plus expenses.

Hall Green case:

Last Autumn we were phoned by Ms Freya Harris , who was assigned a lease of a studio apartment in Hall Green in May 2008. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year extension to my lease. Similar properties in Hall Green with 100 year plus lease were worth £267,600. The average ground rent payable was £65 invoiced annually. The lease ran out on 1 September 2093. Considering the 67 years remaining we estimated the compensation to the freeholder for the lease extension to be within £14,300 and £16,400 exclusive of expenses.