Top reasons for Woodhouse and Handsworth lease extension

Main reasons to commence your Woodhouse and Handsworth lease extension today:

Increase your lease and increase your Woodhouse and Handsworth property value

Woodhouse and Handsworth residential property owned on a long lease is a wasting asset as the leaseholder merely owns the property for a set term.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions may not finance a property on a short lease

Most banks and building societies require a lengthy amount of time left on a leasehold property before they will consider lending on it. Even if you don't require a mortgage, you should be mindful that it is likely that someone intending to buy your property in the future might well do, so in the event that they are unable to secure a mortgage, then the market price of your property could suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to accept

Get in touch with one of our Woodhouse and Handsworth lease extension solicitors or enfranchisement solicitors

Engaging our service will provide you increased control over the value of your Woodhouse and Handsworth leasehold, as your property will be more valuable and saleable in terms of lease length should you want 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.

Woodhouse and Handsworth Lease Extension Example Cases:

Jake, Woodhouse and Handsworth, South Yorkshire

Half a year ago Jake, came seriously near to the eighty-year threshold with the lease on his ground floor apartment in Woodhouse and Handsworth. In buying his home 19 years previously, the unexpired term was of little relevance. Thankfully, he became aware that he needed to take steps soon on Extending the lease. Jake arranged for a lease extension just under the wire last July. Jake and the landlord eventually settled on the final figure of £5,000 . If he failed to meet the deadline, the price would have become more costly by a minimum £850.

Woodhouse and Handsworth case:

Last June we were approach by Dr L Stewart , who acquired a one bedroom flat in Woodhouse and Handsworth in January 2008. We are asked if we could estimate the price could be for a ninety year extension to my lease. Identical residencies in Woodhouse and Handsworth with an extended lease were valued about £270,000. The average amount of ground rent was £55 collected quarterly. The lease came to a finish on 16 February 2101. Given that there were 75 years left we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus fees.

Woodhouse and Handsworth case:

Last year we were phoned by Dr Arthur Leroy , who purchased a studio flat in Woodhouse and Handsworth in May 1996. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by 90 years. Comparable residencies in Woodhouse and Handsworth with an extended lease were in the region of £168,800. The average amount of ground rent was £60 invoiced annually. The lease elapsed in 2081. Considering the 55 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 not including professional charges.