The market value of Chelmsley Wood leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate substantially once the remaining term is less than 80 years
Leasehold premises in Chelmsley Wood with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value 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 justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Skipton Building Society | |
| TSB | |
| Royal Bank of Scotland |
Engaging our service gives you better control over the value of your Chelmsley Wood leasehold, as your property will be more valuable and saleable in respect of 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.
Trailing lengthy correspondence with the landlord of her one bedroom apartment in Chelmsley Wood, Kayleigh initiated the lease extension process as the 80 year deadline was quickly advancing. The legal work was finalised in October 2006. The freeholder’s costs were restricted to below 600 GBP.
Mrs G Reed purchased a newly refurbished flat in Chelmsley Wood in July 2006. We are asked if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Comparative properties in Chelmsley Wood with an extended lease were worth £270,000. The average amount of ground rent was £55 billed annually. The lease elapsed on 1 February 2101. Given that there were 75 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of expenses.
In 2011 we were e-mailed by Mr and Mrs. K Ramírez who, having completed a basement apartment in Chelmsley Wood in February 2007. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparative properties in Chelmsley Wood with 100 year plus lease were worth £173,800. The mid-range amount of ground rent was £60 collected per annum. The lease expiry date was on 22 April 2081. Considering the 55 years remaining we approximated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 not including fees.