Main reasons to start your Little Bromwich lease extension

Top reasons for lease extension now:

Increase your lease and increase your Little Bromwich property value

Little Bromwich leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Most owners of residential leasehold property in Little Bromwich enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Little Bromwich you really ought to investigate if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

Little Bromwich property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders may decide not to issue a mortgage with a short lease

Lenders are tightening their criteria and a meaningful number now require flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. Given that a number of flats in Little Bromwich were built in the fifties, sixties and seventies as a result many now require lease extensions if they wish to obtain a mortgage.

What makes us experts in Little Bromwich lease extensions?

Lease extensions in Little Bromwich can be a difficult process. We recommend you get guidance from a conveyancer and valuer 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 in-depth market knowledge procuring Little Bromwich lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Little Bromwich Lease Extension Case Summaries:

Stephanie, Little Bromwich, Birmingham,

After unsuccessful negotiations with the freeholder of her purpose-built flat in Little Bromwich, Stephanie commenced the lease extension process as the 80 year mark was fast approaching. The lease extension completed in January 2012. The landlord’s costs were kept to an absolute minimum.

Little Bromwich case:

Mr Aaron Mason took over the lease of a basement flat in Little Bromwich in February 2010. The dilemma was if we could estimate the premium could be to prolong the lease by ninety years. Comparative homes in Little Bromwich with 100 year plus lease were valued about £275,000. The average amount of ground rent was £65 invoiced quarterly. The lease ended in 2094. Given that there were 68 years unexpired we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus professional charges.

Little Bromwich case:

Dr Mason André moved into a ground floor apartment in Little Bromwich in July 1996. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Identical residencies in Little Bromwich with 100 year plus lease were in the region of £208,600. The mid-range ground rent payable was £60 billed annually. The lease expiry date was on 11 July 2083. Having 57 years remaining we calculated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 not including professional charges.