Main reasons to start your Tamworth lease extension

Main reasons to commence your Tamworth lease extension today:

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

Tamworth leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Tamworth enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Tamworth you really ought to check if your lease has between seventy and ninety years remaining. There are compelling reasons why a Tamworth flat owner with a lease having around eighty years unexpired should take action to ensure that a lease extension is put in place without delay

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to finance a property with a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending criteria generally - this has extended to the property over which the home loan is to be charged. This has resulted in the unexpired lease term required by lenders has increased. Historically lenders were content with twenty years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Tamworth?

Lease extensions in Tamworth can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor with experience in this area.

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 Tamworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Tamworth Lease Extension Case Summaries:

Ellie, Tamworth, Staffordshire,

After lengthy discussions with the freeholder of her studio apartment in Tamworth, Ellie started the lease extension process just as her lease was approaching the all-important eighty-year deadline. The transaction was concluded in August 2013. The landlord’s costs were negotiated to approximately six hundred GBP.

Tamworth case:

Mr Samuel García completed a recently refurbished flat in Tamworth in August 1995. We are asked if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Comparative residencies in Tamworth with a long lease were in the region of £196,400. The mid-range ground rent payable was £55 billed monthly. The lease concluded on 22 April 2080. Taking into account 54 years outstanding we estimated the premium to the landlord for the lease extension to be between £35,200 and £40,600 exclusive of expenses.

Tamworth case:

Mr and Mrs. Y Davis bought a one bedroom flat in Tamworth in July 2008. The question was if we could estimate the compensation to the landlord could be to prolong the lease by 90 years. Identical premises in Tamworth with an extended lease were in the region of £295,000. The average amount of ground rent was £45 collected yearly. The lease ran out in 2100. Taking into account 74 years outstanding we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus fees.