Main reasons to commence your Lozells lease extension

Main reasons to commence your Lozells lease extension today:

A Lozells lease depreciates with the years remaining on the lease.

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Lozells may extend the lease for an additional 90 years under Leasehold Reform legislation. Do give careful consideration before delaying your Lozells lease extension. Putting off that expense now simply increases the amount you will eventually have to pay for a lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for many years ahead.

Lenders will not grant a mortgage with a short lease

Nearly all mortgage companies will be unwilling to lend on a lease with under seventy years remaining - although this varies from lender to lender. A purchaser will undoubtedly find it difficult in obtaining a mortgage and this will result in your Lozells property becoming difficult to sell or remortgage.

Why use us for your lease extension in Lozells?

Retaining our service gives you increased control over the value of your Lozells leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Lozells Lease Extension Case Summaries:

Hunter, Lozells, Birmingham,

Hunter owned a high value flat in Lozells on the market with a lease of just over 72 years unexpired. Hunter informally contacted his landlord a well known Manchester-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 annually. No ground rent would be due on a lease extension were Hunter to invoke his statutory right. Hunter obtained expert legal guidance and secured an acceptable resolution without resorting to tribunal and readily saleable.

Lozells case:

In 2014 we were approached by Mrs Laura Ricardo who, having bought a recently refurbished flat in Lozells in June 1996. The question was if we could approximate the price would be for a 90 year lease extension. Comparative flats in Lozells with a long lease were in the region of £250,000. The mid-range amount of ground rent was £50 billed quarterly. The lease finished on 1 January 2095. Having 69 years left we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus fees.

Lozells case:

Last year we were approach by Mr and Mrs. D Hill , who completed a purpose-built apartment in Lozells in May 2010. We are asked if we could approximate the premium would be to prolong the lease by an additional years. Identical properties in Lozells with an extended lease were in the region of £290,000. The mid-range amount of ground rent was £60 billed per annum. The lease came to a finish in 2106. Taking into account 80 years as a residual term we calculated the premium to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of legals.