Main reasons to commence your Walmley lease extension

Main reasons to start your Walmley lease extension today:

Increase your lease and increase your Walmley property value

Walmley residential property held on a long lease is a wasting asset as the leaseholder merely owns the property for a set term.

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

Leasehold residencies in Walmley with in excess of one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may not lend on a short lease

Nearly all banks and building societies will not grant a mortgage on a lease with under seventy years unexpired - although this varies between mortgage companies. A purchaser will likely encounter difficulties to obtain a mortgage and this could result in your Walmley property being difficult to sell or to obtain finance on.

Why use us for your lease extension in Walmley?

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

Walmley Lease Extension Case Studies:

Kian, Walmley, Birmingham

Two years ago Kian, started to get near to the eighty-year mark with the lease on his basement apartment in Walmley. Having purchased his home two decades ago, the unexpired term was of little interest. Fortunately, he became aware that he would soon be paying an inflated amount for Extending the lease. Kian extended the lease just under the wire in March. Kian and the landlord in the end settled on an amount of £5,000 . If the lease had slid lower than 80 years, the sum would have escalated by a minimum £975.

Walmley case:

In 2013 we were phoned by Mr Matthew Baker who, having owned a one bedroom apartment in Walmley in January 2001. The question was if we could shed any light on how much (roughly) premium would be for a 90 year lease extension. Comparative homes in Walmley with 100 year plus lease were worth £300,000. The average ground rent payable was £50 collected annually. The lease ended in 2102. Given that there were 76 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 plus legals.

Walmley case:

Last Winter we were approach by Mr and Mrs. C Dupont , who acquired a first floor apartment in Walmley in March 2004. The dilemma was if we could approximate the premium could be for a 90 year lease extension. Identical premises in Walmley with an extended lease were worth £257,800. The mid-range amount of ground rent was £65 invoiced quarterly. The lease ran out in 2091. Given that there were 65 years unexpired we estimated the premium to the freeholder to extend the lease to be within £17,100 and £19,800 not including fees.