Top reasons for Small Heath lease extension

Top reasons for lease extension now:

Increase your lease and increase your Small Heath property value

On the balance of probabilities where you own a flat in Small Heath you actually own a long leasehold interest over your property

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

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not loan monies with a short lease

Banks and building societies are really clamping down as regards to properties in Small Heath with short leases. For instance you might discover that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you needed to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus restricting your market.

What makes us experts in Small Heath lease extensions?

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

Small Heath Lease Extension Example Cases:

Morgan, Small Heath, Birmingham,

Subsequent to lengthy discussions with the freeholder of her leasehold flat in Small Heath, Morgan initiated the lease extension process as the eighty year mark was swiftly approaching. The lease extension was concluded in April 2013. The freeholder’s charges were kept to an absolute minimum.

Small Heath case:

In 2010 we were called by Mr O Mitchell who, having acquired a newly refurbished flat in Small Heath in February 2007. The question was if we could approximate the premium would be to prolong the lease by a further 90 years. Comparative flats in Small Heath with a long lease were valued around £173,800. The average ground rent payable was £60 billed per annum. The lease terminated in 2081. Considering the 55 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of legals.

Small Heath case:

Last Christmas we were approach by Mr and Mrs. Y Parker , who purchased a basement apartment in Small Heath in September 1996. The dilemma was if we could estimate the price would likely be for a ninety year extension to my lease. Identical premises in Small Heath with a long lease were valued about £235,200. The mid-range ground rent payable was £45 billed per annum. The lease finished 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 plus expenses.