Stop! Your Lease Extension in Kings Heath Could Be FREE

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Many leaseholders in Kings Heath are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Kings Heath has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to start your Kings Heath lease extension

Why you should start your Kings Heath lease extension today:

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

The value of Kings Heath leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate materialy once the remaining term is below than 80 years

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not issue a mortgage on a short lease

Many banks and building societies require a lengthy amount of time remaining on any leasehold residence before they will consider it as adequate security. Regardless of whether you need a mortgage, you should keep in mind that it is probable that someone intending to acquire your property in the future might well do, so in the event that they are unable to secure a mortgage, then the value of the property will likely suffer. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

Lender Requirement
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start 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.
Yorkshire 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.

Why use us for your lease extension in Kings Heath?

Irrespective of whether you are a tenant or a landlord in Kings Heath,the lease extension lawyers 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 Kings Heath valuers.

Kings Heath Lease Extension Case Studies:

Kai, Kings Heath, Birmingham

Two years ago Kai, started to get near to the 80-year threshold with the lease on his garden flat in Kings Heath. In buying his flat 19 years previously, the length of the lease was of little bearing. Thankfully, he recognised he needed to take action soon on a lease extension. Kai arranged for a lease extension just ahead of time in May. Kai and the freeholder via the management company eventually settled on sum of £5,000 . If he failed to meet the deadline, the amount would have increased by at least £1,050.

Kings Heath case:

In 2009 we were approached by Dr L Mason who, having owned a newly refurbished apartment in Kings Heath in May 1999. The dilemma was if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Identical flats in Kings Heath with an extended lease were worth £225,800. The mid-range ground rent payable was £60 invoiced every twelve months. The lease ended on 3 March 2086. Considering the 60 years left we approximated the compensation to the landlord to extend the lease to be within £25,700 and £29,600 exclusive of expenses.

Kings Heath case:

In 2014 we were called by Dr Jason Dupont who, having took over the lease of a basement flat in Kings Heath in July 1995. We are asked if we could approximate the premium would likely be to extend the lease by ninety years. Identical premises in Kings Heath with a long lease were worth £210,000. The average amount of ground rent was £50 collected annually. The lease termination date was on 28 February 2106. Given that there were 80 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 plus legals.