Why you should commence your Quinton lease extension

Top reasons for lease extension now:

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

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Quinton. Inevitably, the period of lease remaining shortens over time. This may slip by relatively unnoticed when the property needs to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more expensive it will be to obtain a lease extension. Eligible long lease owners in Quinton have the legal entitlement to extend the lease for a further ninety years under the 1993 Leasehold Reform Act. You should give careful deliberation before putting off your Quinton lease extension. Holding off that expense now simply increases the price you will ultimately incur for a lease extension

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

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lending institutions will not finance a property on a short lease

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to become concerned at around 75 years. This may cause difficulties when you wish to dispose of or refinance your flat as it will be practically unmortgageable. You might have no imminent plan to sell but when you do your buyer will have to hold off for 2 years before they can exercise the right to a a lease extension.

What makes us experts in Quinton lease extensions?

Lease extensions in Quinton can be a difficult process. We recommend you secure guidance from a conveyancer and valuer 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 in-depth market knowledge procuring Quinton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Quinton Lease Extension Example Cases:

Katie, Quinton, Birmingham,

Following unsuccessful correspondence with the landlord of her two bedroom flat in Quinton, Katie initiated the lease extension process just as her lease was coming close to the critical eighty-year deadline. The transaction was concluded in October 2005. The freeholder’s charges were restricted to approximately 550 GBP.

Quinton case:

In 2009 we were called by Dr Poppy Martinez who, having owned a studio apartment in Quinton in March 2003. We are asked if we could estimate the price would be to prolong the lease by 90 years. Identical properties in Quinton with a long lease were worth £191,400. The mid-range ground rent payable was £55 collected annually. The lease lapsed on 17 August 2080. Given that there were 54 years left we estimated the premium to the landlord to extend the lease to be within £34,200 and £39,600 not including costs.

Quinton case:

Last Autumn we were e-mailed by Mr M Rodríguez , who moved into a one bedroom apartment in Quinton in January 2007. The dilemma was if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparable premises in Quinton with 100 year plus lease were in the region of £295,000. The mid-range ground rent payable was £45 invoiced every twelve months. The lease ran out on 11 January 2100. Given that there were 74 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of costs.