Stop! Your Lease Extension in Nechells Could Be FREE

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Many leaseholders in Nechells are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Nechells has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Nechells lease extension

Why you should commence your Nechells lease extension today:

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

The market value of Nechells leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate substantially once the unexpired lease term is below than 80 years

Nechells property with a lease extension is almost the same value as a freehold

It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may decide not to lend on a short lease

Banks and building societies differ in their lending requirements. Some set the bar at 75 years left on the lease; others may be willing to lend with anything with more than 70 years. With less than 60 years, it may be challenging to get a mortgage at all.

Lender Requirement
Barnsley Building Society
National Westminster Bank
Nationwide Building Society
The Mortgage Works
Virgin

What makes us experts in Nechells lease extensions?

Irrespective of whether you are a tenant or a landlord in Nechells,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Nechells valuers.

Nechells Lease Extension Case Studies:

Max, Nechells, Birmingham

Two years ago Max, started to get close to the 80-year threshold with the lease on his garden apartment in Nechells. Having bought his property two decades ago, the length of the lease was of minimal relevance. As luck would have it, he noticed he needed to take action soon on Extending the lease. Max extended the lease just under the wire in April. Max and the freeholder via the managing agents eventually agreed on the final figure of £5,000 . If he not met the deadline, the amount would have gone up by a minimum £1,000.

Nechells case:

Last May we were phoned by Mr E Morgan , who purchased a ground floor apartment in Nechells in June 2008. The dilemma was if we could approximate the premium would likely be for a ninety year lease extension. Comparable premises in Nechells with an extended lease were in the region of £166,400. The average amount of ground rent was £60 billed yearly. The lease terminated on 8 March 2080. Taking into account 54 years remaining we approximated the premium to the freeholder for the lease extension to be between £32,300 and £37,400 exclusive of legals.

Nechells case:

In 2010 we were approached by Mr and Mrs. F Murphy who, having took over the lease of a studio flat in Nechells in June 1996. The dilemma was if we could approximate the premium could be for a 90 year lease extension. Identical flats in Nechells with a long lease were valued around £227,800. The average amount of ground rent was £45 billed monthly. The lease elapsed on 11 November 2091. Having 65 years outstanding we approximated the premium to the landlord to extend the lease to be between £13,300 and £15,400 not including costs.