Top reasons for Nechells lease extension

Why you should commence your Nechells lease extension today:

Increase your lease and increase your Nechells property value

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 expense of a lease extension can increase materialy once the remaining term is below than eighty years

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

Leasehold residencies in Nechells with more than 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Banks and Building Societies may not finance a property on a short lease

Get in touch with one of our Nechells lease extension solicitors or enfranchisement solicitors

Lease extensions in Nechells can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor 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 a wealth of experience dealing with Nechells lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Nechells Lease Extension Example Cases:

Eleanor, Nechells, Birmingham,

In the wake of eight months of protracted correspondence with the landlord of her garden flat in Nechells, Eleanor commenced the lease extension process as the 80 year deadline was rapidly advancing. The lease extension was concluded in September 2006. The landlord’s costs were kept to an absolute minimum.

Nechells case:

Mr and Mrs. F Anderson purchased a newly refurbished apartment in Nechells in January 2007. We are asked if we could shed any light on how much (roughly) premium could be for a ninety year lease extension. Comparable premises in Nechells with an extended lease were valued around £235,200. The mid-range ground rent payable was £45 billed per annum. The lease lapsed in 2092. Given that there were 66 years outstanding we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including expenses.

Nechells case:

Mr U Campbell moved into a ground floor flat in Nechells in November 2012. The dilemma was if we could estimate the premium would be for a ninety year extension to my lease. Similar residencies in Nechells with 100 year plus lease were worth £275,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease lapsed in 2103. Given that there were 77 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 not including expenses.