Main reasons to commence your Chelmsley Wood lease extension

Top reasons for lease extension now:

A Chelmsley Wood leasehold property depreciates with the years remaining on the lease.

The only way is down when it comes to Chelmsley Wood lease terms. Chelmsley Wood leaseholds that have a lease term fewer than eighty years will drop in value at a rapid rate, and the cost to extend your lease will rise.

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

Leasehold residencies in Chelmsley Wood with more than 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 property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Banks and Building Societies will not finance a property on a short lease

Lending institutions have specific criteria when loaning monies charged on leasehold property. Some will simply refrain from lending at all once the residual lease term falls beneath a certain unexpired lease term. Many Mortgage lenders will not regard property with an unexpired below seventy years suitable security. As well as this being important when selling, it is also relevant where you are seeking to remortgage your Chelmsley Wood home.

What makes us experts in Chelmsley Wood lease extensions?

Lease extensions in Chelmsley Wood can be a difficult process. We recommend you obtain professional help from a conveyancer 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 dealing with Chelmsley Wood lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Chelmsley Wood Lease Extension Example Cases:

Ella, Chelmsley Wood, Birmingham,

Off the back of lengthy discussions with the freeholder of her leasehold flat in Chelmsley Wood, Ella initiated the lease extension process just as her lease was approaching the all-important eighty-year threshold. The legal work was concluded in May 2015. The freeholder’s charges were kept to an absolute minimum.

Chelmsley Wood case:

Mr and Mrs. T Stewart acquired a basement apartment in Chelmsley Wood in April 1998. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by an additional years. Identical flats in Chelmsley Wood with a long lease were valued about £261,600. The mid-range amount of ground rent was £60 billed every twelve months. The lease ran out in 2078. Having 52 years remaining we estimated the compensation to the freeholder to extend the lease to be within £39,000 and £45,000 exclusive of professional charges.

Chelmsley Wood case:

Last month we were called by Mr and Mrs. U Kelly , who acquired a newly refurbished apartment in Chelmsley Wood in June 1999. The question was if we could approximate the compensation to the landlord could be to prolong the lease by 90 years. Identical properties in Chelmsley Wood with 100 year plus lease were in the region of £218,000. The mid-range ground rent payable was £45 collected annually. The lease finished in 2089. Having 63 years remaining we approximated the premium to the landlord for the lease extension to be within £17,100 and £19,800 exclusive of costs.