Top reasons for Chelmsley Wood lease extension

Why you should commence your Chelmsley Wood lease extension today:

Increase your lease and increase your Chelmsley Wood property value

Chelmsley Wood leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Chelmsley Wood residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Chelmsley Wood you must see if your lease has between 70 and 90 years remaining. There are compelling reasons why a Chelmsley Wood leaseholder with a lease having around 80 years unexpired should take steps to ensure that a lease extension is actioned without delay

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

It is conventional wisdom that a residential leasehold with over 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 property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not issue a mortgage with a short lease

Banks and building societies will not lend on short residential leases. You most probably experience problems if you need to sell your flat in Chelmsley Wood if the unexpired lease term is less than the criteria set by the majority of banks and building societies. Different mortgage companies have varying requirements but generally theyrequire a minimum remaining lease term of seventy years.

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

Retaining our service gives you enhanced control over the value of your Chelmsley Wood leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Chelmsley Wood Lease Extension Case Studies:

Theo, Chelmsley Wood, Birmingham

Two years ago Theo, came very close to the eighty-year threshold with the lease on his first floor apartment in Chelmsley Wood. Having bought his property 18 years ago, the length of the lease was of little relevance. As luck would have it, he realised he would imminently be paying way over the odds for a lease extension. Theo extended the lease at the eleventh hour in May. Theo and the landlord who owned the flat above eventually settled on a premium of £5,500 . If he had missed the deadline, the amount would have become more exhorbitant by a minimum £1,100.

Chelmsley Wood case:

Ms W Rogers acquired a garden apartment in Chelmsley Wood in September 1999. The dilemma was if we could shed any light on how much (roughly) price would be to prolong the lease by ninety years. Similar premises in Chelmsley Wood with 100 year plus lease were worth £200,800. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease expiry date was on 14 March 2086. Taking into account 60 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £20,900 and £24,200 not including fees.

Chelmsley Wood case:

Last May we were phoned by Dr Caleb Smith , who bought a one bedroom flat in Chelmsley Wood in May 2010. The dilemma was if we could approximate the premium would be to prolong the lease by ninety years. Similar homes in Chelmsley Wood with 100 year plus lease were valued about £255,000. The average ground rent payable was £50 collected per annum. The lease terminated in 2097. Considering the 71 years outstanding we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 plus expenses.