Kings Heath leases on residential deteriorating in value. if your lease has approximately ninety years unexpired, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for the lease extension to be in place before the term of the current lease dips lower than eighty years - otherwise a higher amount will be due. Flat owners in Kings Heath will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancer to confirm your eligibility. In certain cases you may not qualify. There are also strict deadlines and formalities to follow once the process is initiated so it’s sensible to be guided by a conveyancing solicitor during the process.
It is generally accepted that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Kings Heath can be a difficult process. We recommend you obtain 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 procuring Kings Heath lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Charlie, came dangerously near to the eighty-year threshold with the lease on his one bedroom apartment in Kings Heath. In buying his home 18 years previously, the unexpired term was of no interest. As luck would have it, he recognised he needed to take steps soon on a lease extension. Charlie extended the lease just under the wire in January. Charlie and the landlord subsequently settled on a premium of £5,000 . If he not met the deadline, the sum would have gone up by a minimum £850.
Last May we were approach by Mr and Mrs. F Clarke , who bought a recently refurbished apartment in Kings Heath in June 2002. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Comparative properties in Kings Heath with a long lease were worth £252,800. The average ground rent payable was £65 invoiced monthly. The lease ran out on 20 August 2091. Considering the 65 years remaining we approximated the compensation to the freeholder for the lease extension to be within £18,100 and £20,800 not including expenses.
Dr Eliot Sharif bought a ground floor apartment in Kings Heath in October 2007. We are asked if we could approximate the price would likely be for a ninety year lease extension. Identical properties in Kings Heath with 100 year plus lease were worth £191,400. The average amount of ground rent was £55 billed yearly. The lease came to a finish on 2 August 2080. Given that there were 54 years left we calculated the premium to the landlord for the lease extension to be between £34,200 and £39,600 not including legals.