Why you should commence your Wednesfield lease extension

Top reasons for lease extension now:

Increase your lease and increase your Wednesfield property value

There is no doubt about it a leasehold property in Wednesfield is a wasting asset as a result of the shortening lease. If the residual term has, over one hundred years remaining then this decrease may be of little impact that being said there will become a stage when a lease has less than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should consider extending without delay. Most flat owners in Wednesfield will meet the qualifying criteria; that being said a conveyancing solicitor will be able to confirm if you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two 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 approximately the equivalent 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 in the future.

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

Lenders are really clamping down as regards to properties in Wednesfield with short leases. For instance you might discover 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 if you wanted to sell, your only options would be to find a cash buyer, or hope for the best at auction thus narrowing the amount of prospective purchasers.

Get in touch with one of our Wednesfield lease extension solicitors or enfranchisement solicitors

Engaging our service gives you enhanced control over the value of your Wednesfield leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Wednesfield Lease Extension Example Cases:

Omar, Wednesfield, Birmingham

During the course of the last few months Omar, came seriously near to the 80-year threshold with the lease on his one bedroom apartment in Wednesfield. In buying his property 18 years previously, the unexpired term was of minimal bearing. by good luck, he recognised he needed to take action soon on Extending the lease. Omar arranged for a lease extension just under the wire in April. Omar and the freeholder in the end agreed on a premium of £5,500 . If he not met the deadline, the figure would have escalated by at least £950.

Wednesfield case:

Last month we were called by Mrs P François , who purchased a one bedroom flat in Wednesfield in November 2010. We are asked if we could approximate the price could be to prolong the lease by ninety years. Comparable residencies in Wednesfield with 100 year plus lease were worth £280,000. The mid-range amount of ground rent was £45 invoiced per annum. The lease finished on 12 June 2096. Considering the 70 years left we estimated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including expenses.

Wednesfield case:

Last Christmas we were called by Dr U García , who took over the lease of a ground floor flat in Wednesfield in November 2008. The dilemma was if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Similar flats in Wednesfield with 100 year plus lease were worth £223,400. The average amount of ground rent was £60 billed monthly. The lease ran out in 2085. Considering the 59 years left we estimated the premium to the freeholder to extend the lease to be within £27,600 and £31,800 plus expenses.