There is no doubt about it a leasehold flat or house in Handsworth is a wasting asset as a result of the diminishing lease term. Where the lease has, more than one hundred years to run then this decrease may be of little impact nevertheless there will become a stage when a lease has less than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should extend the lease sooner as opposed to later. Many flat owners in Handsworth will qualify for this right; that being said a conveyancing solicitor will be able to advise whether you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold premises in Handsworth with more than one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Halifax | |
| Yorkshire Building Society |
Lease extensions in Handsworth can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor with experience in lease extensions.
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 procuring Handsworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing unsuccessful discussions with the landlord of her studio apartment in Handsworth, Louise initiated the lease extension process as the eighty year threshold was quickly advancing. The lease extension was concluded in February 2013. The landlord’s fees were kept to an absolute minimum.
Mr J Martinez bought a one bedroom apartment in Handsworth in November 1996. We are asked if we could approximate the premium could be to extend the lease by a further 90 years. Comparative residencies in Handsworth with a long lease were in the region of £267,600. The average amount of ground rent was £65 collected every twelve months. The lease expired in 2093. Given that there were 67 years outstanding we estimated the compensation to the landlord to extend the lease to be within £14,300 and £16,400 plus fees.
Last month we were called by Dr Ellen Ali , who acquired a studio apartment in Handsworth in September 2006. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by an additional years. Comparable premises in Handsworth with 100 year plus lease were in the region of £206,200. The mid-range amount of ground rent was £55 collected yearly. The lease finished on 18 November 2082. Considering the 56 years outstanding we estimated the premium to the freeholder to extend the lease to be within £31,400 and £36,200 not including legals.