Top reasons for Washwood Heath lease extension

Top reasons for lease extension now:

Increase your lease and increase your Washwood Heath property value

The market value of Washwood Heath leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase materialy once the unexpired lease term is less than 80 years

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

Leasehold properties in Washwood Heath with more than one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may decide not to lend on a short lease

Lenders are really clamping down as regards to properties in Washwood Heath with short leases. For instance you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you needed to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus restricting the number of potential purchasers.

What makes us experts in Washwood Heath lease extensions?

Regardless of whether you are a tenant or a freeholder in Washwood Heath,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Washwood Heath valuers.

Washwood Heath Lease Extension Example Cases:

Joshua, Washwood Heath, Birmingham,

Joshua was the the leasehold proprietor of a high value flat in Washwood Heath being sold with a lease of a little over 72 years unexpired. Joshua on an informal basis approached his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Joshua to exercise his statutory right. Joshua procured expert legal guidance and secured an acceptable deal without resorting to tribunal and readily saleable.

Washwood Heath case:

Last Winter we were called by Dr B Moore , who was assigned a lease of a newly refurbished flat in Washwood Heath in May 2001. We are asked if we could approximate the price could be to extend the lease by a further 90 years. Identical flats in Washwood Heath with a long lease were valued about £189,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease terminated in 2079. Considering the 53 years unexpired we approximated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 not including costs.

Washwood Heath case:

In 2011 we were called by Dr Charlotte Baker who, having was assigned a lease of a first floor apartment in Washwood Heath in March 1995. The dilemma was if we could approximate the price would likely be for a ninety year lease extension. Identical homes in Washwood Heath with 100 year plus lease were valued around £290,000. The average amount of ground rent was £45 billed monthly. The lease lapsed on 20 April 2099. Taking into account 73 years left we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of legals.