Top reasons for Little Bromwich lease extension

Why you should commence your Little Bromwich lease extension today:

Increase your lease and increase your Little Bromwich property value

On the balance of probabilities if you own a flat in Little Bromwich you actually own a long leasehold interest over your property

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

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not finance a property with a short lease

Banks and building societies are really clamping down as regards to homes in Little Bromwich with short leases. For instance you might discover that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your only options would be to find a cash purchaser, or try your luck at auction thus narrowing the amount of prospective purchasers.

What makes us experts in Little Bromwich lease extensions?

Using our service will provide you increased control over the value of your Little Bromwich leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Little Bromwich Lease Extension Case Summaries:

Katherine, Little Bromwich, Birmingham,

In the wake of 9 months of unsuccessful negotiations with the freeholder of her two bedroom flat in Little Bromwich, Katherine initiated the lease extension process just as the lease was nearing the all-important 80-year mark. The legal work was concluded in June 2005. The freeholder’s charges were negotiated to slightly above 500 pounds.

Little Bromwich case:

Last Spring we were contacted by Mr and Mrs. O Gray , who purchased a basement apartment in Little Bromwich in October 2011. We are asked if we could approximate the price would be for a ninety year extension to my lease. Identical properties in Little Bromwich with a long lease were valued about £206,200. The average amount of ground rent was £55 invoiced every twelve months. The lease ended on 25 July 2082. Having 56 years unexpired we approximated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 not including professional charges.

Little Bromwich case:

Last Autumn we were phoned by Mr and Mrs. P Green , who took over the lease of a basement apartment in Little Bromwich in August 1998. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparative properties in Little Bromwich with 100 year plus lease were in the region of £300,000. The average amount of ground rent was £50 invoiced annually. The lease terminated in 2102. Taking into account 76 years unexpired we approximated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus legals.