Why you should commence your Willenhall lease extension

Main reasons to start your Willenhall lease extension today:

Increase your lease and increase your Willenhall property value

The value of Willenhall 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 escalate significantly once the remaining term is below than eighty years

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

Leasehold premises in Willenhall with over one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may not issue a mortgage with a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to become nervous at around 75 years. This may be problematic as and when you wish to sell or refinance your flat as it will be practically unmortgageable. Even though you may not have an imminent intention to sell but when you do your purchaser must hold off for 2 years before being able to exercise the right to a a lease extension.

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

Lease extensions in Willenhall can be a difficult process. We recommend you secure 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 a wealth of experience procuring Willenhall lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Willenhall Lease Extension Example Cases:

Rhiannon, Willenhall, Birmingham,

Off the back of protracted discussions with the landlord of her studio flat in Willenhall, Rhiannon started the lease extension process just as the lease was nearing the critical eighty-year deadline. The lease extension was concluded in August 2007. The freeholder’s charges were restricted to below 550 pounds.

Willenhall case:

Last Autumn we were called by Dr G Murphy , who owned a ground floor apartment in Willenhall in June 2000. The dilemma was if we could approximate the compensation to the landlord would be to prolong the lease by a further 90 years. Identical residencies in Willenhall with an extended lease were valued about £261,600. The mid-range amount of ground rent was £60 invoiced quarterly. The lease elapsed on 9 April 2078. Having 52 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £39,000 and £45,000 exclusive of expenses.

Willenhall case:

Mr and Mrs. J Mason moved into a one bedroom apartment in Willenhall in September 2009. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by 90 years. Comparable homes in Willenhall with 100 year plus lease were valued around £218,000. The average ground rent payable was £45 collected annually. The lease lapsed in 2089. Considering the 63 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £17,100 and £19,800 exclusive of costs.