Locks Heath leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Most owners of residential leasehold property in Locks Heath enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Locks Heath you must check if your lease has between seventy and ninety years left. There are good reasons why a Locks Heath leaseholder with a lease having around eighty years unexpired should take steps to make sure that a lease extension is effected without delay
Leasehold properties in Locks Heath with over 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a landlord in Locks Heath,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Locks Heath valuers.
Off the back of protracted negotiations with the freeholder of her ground floor flat in Locks Heath, Robyn started the lease extension process as the 80 year mark was quickly advancing. The lease extension completed in September 2013. The landlord’s fees were restricted to approximately 650 pounds.
Last Autumn we were called by Mr and Mrs. D Martínez , who owned a recently refurbished flat in Locks Heath in August 2002. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year extension to my lease. Comparative flats in Locks Heath with 100 year plus lease were in the region of £223,400. The mid-range ground rent payable was £60 collected quarterly. The lease ran out on 28 June 2085. Taking into account 59 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £27,600 and £31,800 exclusive of legals.
In 2009 we were called by Mr and Mrs. E David who, having took over the lease of a garden apartment in Locks Heath in November 2005. We are asked if we could approximate the price could be to extend the lease by 90 years. Similar properties in Locks Heath with an extended lease were in the region of £205,000. The average amount of ground rent was £50 invoiced per annum. The lease ended on 1 August 2105. Having 79 years unexpired we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 not including costs.