Why you should start your Washwood Heath lease extension

Why you should commence your Washwood Heath lease extension today:

Increase your lease and increase your Washwood Heath property value

Washwood Heath leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Washwood Heath residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Washwood Heath you would be well advised to investigate if your lease has between seventy and ninety years remaining. There are compelling reasons why a Washwood Heath flat owner with a lease having around 80 years remaining should take action to make sure that a lease extension is actioned without delay

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

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not issue a mortgage on a short lease

What makes us experts in Washwood Heath lease extensions?

Using our service will provide you better control over the value of your Washwood Heath leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Washwood Heath Lease Extension Example Cases:

Felix, Washwood Heath, Birmingham,

Felix owned a high value apartment in Washwood Heath on the market with a lease of fraction over sixty years left. Felix informally contacted his freeholder a well known local-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 yearly. No ground rent would be payable on a lease extension were Felix to invoke his statutory right. Felix procured expert advice and secured an acceptable resolution without going to tribunal and readily saleable.

Washwood Heath case:

Ms O Reed owned a one bedroom apartment in Washwood Heath in June 1997. We are asked if we could estimate the premium could be to prolong the lease by an additional years. Comparable flats in Washwood Heath with an extended lease were worth £200,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease ended on 2 August 2103. Having 77 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 not including costs.

Washwood Heath case:

In 2013 we were contacted by Dr Leon Nelson who, having purchased a ground floor apartment in Washwood Heath in September 2009. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Comparative homes in Washwood Heath with 100 year plus lease were in the region of £260,200. The average amount of ground rent was £65 collected yearly. The lease ended on 17 August 2092. Considering the 66 years left we calculated the compensation to the landlord to extend the lease to be within £15,200 and £17,600 plus fees.