Top reasons for West Bromwich lease extension

Main reasons to commence your West Bromwich lease extension today:

Increase your lease and increase your West Bromwich property value

For those whose West Bromwich home is held on a long lease, the message is clear – if nothing is done, your property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to extend the lease.

West Bromwich property with a lease extension has roughly the same value as a freehold

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

Banks and Building Societies may decide not to loan monies with a short lease

Nearly all banks and building societies will be unwilling to lend on a lease with under seventy years remaining - although this varies from lender to lender. A buyer will likely encounter difficulties to obtain a mortgage and this will result in your West Bromwich property becoming difficult to sell or to obtain finance on.

What makes us experts in West Bromwich lease extensions?

Retaining our service will provide you increased control over the value of your West Bromwich leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

West Bromwich Lease Extension Example Cases:

Ali, West Bromwich, Birmingham,

Ali owned a 2 bedroom apartment in West Bromwich on the market with a lease of just over sixty years unexpired. Ali on an informal basis contacted his landlord being a well known local-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £100 annually. Ordinarily, ground rent would not be due on a lease extension were Ali to exercise his statutory right. Ali procured expert advice and secured an acceptable resolution informally and readily saleable.

West Bromwich case:

Last Summer we were contacted by Ms Natasha Mason , who bought a garden apartment in West Bromwich in July 2001. We are asked if we could estimate the premium would be to extend the lease by ninety years. Comparable homes in West Bromwich with a long lease were worth £210,000. The average amount of ground rent was £50 collected yearly. The lease elapsed in 2106. Given that there were 80 years left we approximated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of expenses.

West Bromwich case:

Mr and Mrs. C Kelly purchased a one bedroom apartment in West Bromwich in November 2001. The dilemma was if we could approximate the premium would likely be to prolong the lease by ninety years. Identical premises in West Bromwich with an extended lease were in the region of £275,000. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease elapsed in 2095. Having 69 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of legals.