Top reasons for Solihull lease extension

Main reasons to commence your Solihull lease extension today:

A Solihull leasehold property depreciates with the years remaining on the lease.

The value of Solihull 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 80 years

An extended lease is almost the same value as a freehold

It is generally accepted that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for many years in the future.

Banks and Building Societies may decide not to loan monies on a short lease

Banks and building societies are inclined not lend on short residential leases. You are likely to experience difficulties where you need to sell your flat in Solihull if the remaining term of your lease is under the criteria set by most banks and building societies. Different lenders have different criteria but generally they are looking for a minimum remaining lease term of 65 years.

Why use us for your lease extension in Solihull?

Retaining our service gives you better control over the value of your Solihull leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Solihull Lease Extension Case Summaries:

Jack, Solihull, Birmingham,

Jack owned a conversion flat in Solihull being marketed with a lease of just over fifty eight years unexpired. Jack on an informal basis spoke with his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 yearly. No ground rent would be due on a lease extension were Jack to invoke his statutory right. Jack procured expert advice and secured an acceptable resolution informally and readily saleable.

Solihull case:

Last Summer we were called by Mr and Mrs. C Lewis , who moved into a recently refurbished flat in Solihull in February 1995. The question was if we could shed any light on how much (roughly) premium could be to prolong the lease by a further 90 years. Identical flats in Solihull with a long lease were worth £267,600. The average ground rent payable was £65 billed every twelve months. The lease ended in 2093. Considering the 67 years left we approximated the premium to the landlord to extend the lease to be between £14,300 and £16,400 plus expenses.

Solihull case:

Last month we were approach by Dr Aarav Phillips , who bought a recently refurbished flat in Solihull in July 2010. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Comparable premises in Solihull with a long lease were worth £206,200. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease expired in 2082. Taking into account 56 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £32,300 and £37,400 plus fees.