Rowley Regis leases on residential properties are gradually losing value. Where your lease has about ninety years unexpired, you should start considering the need for a lease extension. An important point to note is that it is desirable for your lease extension to take place before the term of the current lease drops below 80 years - otherwise a higher premium will be due. Flat owners in Rowley Regis will mostly be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In certain circumstances you may not qualify. There are prescribed timetables and steps to comply with once the process is initiated so it’s wise to be guided by a conveyancer during the process.
Leasehold premises in Rowley Regis with over 100 years remaining on the lease are often referred to as ‘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 buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| TSB | |
| Yorkshire Building Society |
The conveyancing solicitors that we work with handle Rowley Regis lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Half a year ago Lewis, came seriously near to the eighty-year mark with the lease on his leasehold apartment in Rowley Regis. Having bought his home twenty years previously, the unexpired term was of no relevance. by good luck, he realised he would soon be paying an escalated premium for a lease extension. Lewis arranged for a lease extension just ahead of time in June. Lewis and the freeholder via the management company ultimately agreed on a premium of £5,000 . If he had missed the deadline, the figure would have increased by at least £1,100.
In 2010 we were contacted by Dr Sophie Turner who, having purchased a first floor apartment in Rowley Regis in July 1998. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year lease extension. Similar premises in Rowley Regis with an extended lease were in the region of £183,600. The average amount of ground rent was £65 invoiced per annum. The lease concluded in 2083. Considering the 57 years outstanding we estimated the premium to the landlord to extend the lease to be within £28,500 and £33,000 not including professional charges.
Mr and Mrs. W Thomas purchased a ground floor flat in Rowley Regis in June 1995. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Similar properties in Rowley Regis with an extended lease were valued about £245,000. The mid-range amount of ground rent was £45 collected per annum. The lease terminated on 11 June 2094. Considering the 68 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including costs.