Why you should start your Kings Heath lease extension

Top reasons for lease extension now:

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

For those whose Kings Heath property is held on a long lease, our message is clear – if nothing is done, your property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to obtain a lease extension.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Lenders will not issue a mortgage with a short lease

Banks and building societies do not grant a mortgage on short residential leases. You are likely to experience problems where you want to sell your flat in Kings Heath if the remaining lease term is less than the criteria set by most lenders. Different lenders have different requirements but in the main theyrequire an unexpired term of at least 65 years.

Why use us for your lease extension in Kings Heath?

Lease extensions in Kings Heath can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor with experience in this area.

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 in-depth market knowledge 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.

Kings Heath Lease Extension Case Summaries:

Stephanie, Kings Heath, Birmingham,

Off the back of unsuccessful negotiations with the landlord of her two bedroom flat in Kings Heath, Stephanie initiated the lease extension process just as her lease was approaching the critical 80-year threshold. The legal work was finalised in August 2009. The freeholder’s fees were kept to an absolute minimum.

Kings Heath case:

Mr Dexter Davis was assigned a lease of a garden flat in Kings Heath in January 2009. We are asked if we could estimate the premium would likely be to extend the lease by ninety years. Identical flats in Kings Heath with a long lease were valued about £300,000. The mid-range ground rent payable was £50 billed monthly. The lease lapsed on 3 September 2102. Taking into account 76 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 plus fees.

Kings Heath case:

In 2010 we were called by Mr and Mrs. N Clarke who, having was assigned a lease of a garden flat in Kings Heath in July 1998. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Comparative premises in Kings Heath with an extended lease were in the region of £252,800. The mid-range ground rent payable was £65 invoiced yearly. The lease concluded in 2091. Taking into account 65 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £17,100 and £19,800 plus fees.