Main reasons to commence your Shard End lease extension

Why you should start your Shard End lease extension today:

Increase your lease and increase your Shard End property value

The only way is down when it comes to Shard End lease terms. Shard End flats that have a residual term lower than 80 years will de-escalate in market price even faster, and the cost of extending your lease will increase.

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

It is generally accepted that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to loan monies with a short lease

Most banks have tightened lending criteria in the last ten years and borrowers are encountering difficulties in arranging finance or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are considered to be deficient for lending purposes.

What makes us experts in Shard End lease extensions?

Lease extensions in Shard End can be a difficult process. We recommend you obtain guidance 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 Shard End lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Shard End Lease Extension Case Studies:

Joshua, Shard End, Birmingham,

Joshua owned a high value flat in Shard End on the market with a lease of just over 59 years remaining. Joshua on an informal basis approached his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £125 per annum. No ground rent would be due on a lease extension were Joshua to exercise his statutory right. Joshua procured expert legal guidance and secured an acceptable deal without going to tribunal and sell the property.

Shard End case:

Mr Finley Jones bought a basement apartment in Shard End in October 2002. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative flats in Shard End with 100 year plus lease were worth £193,400. The average amount of ground rent was £65 billed yearly. The lease ran out in 2085. Considering the 59 years left we estimated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 not including expenses.

Shard End case:

In 2010 we were e-mailed by Ms Kirsty Cox who, having owned a basement apartment in Shard End in January 2012. We are asked if we could shed any light on how much (approximately) price would be for a 90 year lease extension. Similar properties in Shard End with 100 year plus lease were in the region of £255,000. The mid-range ground rent payable was £50 billed quarterly. The lease concluded on 6 June 2096. Taking into account 70 years remaining we calculated the compensation to the landlord to extend the lease to be within £10,500 and £12,000 exclusive of fees.