Fridaysmove Birmingham Conveyancing Fridaysmove Team have been reporting an increased number of calls relating to Lease Extension in Birmingham and the Midlands.
Leasehold conveyancing in Birmingham is becoming more and more problematic as an increasing number of apartments come onto the market with a residual term of less than Eighty years.
Once a lease has less than Eighty years remaining the conveyancing and sale becomes more problematic. Once a lease falls below this eighty year threshold, the premium of a lease extension in Birmingham rises significantly, because it is at this point that the valuation takes into account “marriage value” — the notional increase in the value of the property that results from an extension of the lease or the purchase of the freehold.
Leasehold properties with less than eighty years remaining are getting more and more difficult to mortgage. During the property boom, when lenders were falling over themselves to lend, many banks would lend on leasehold properties with 50 -55 years remaining, but today the minimum required term left is nearer to 70. Birmingham Midshires and Halifax are a amongst a number of lenders who have increased their minimum term requirement in the last year.
One does not need to use a Birmingham Lease Extension specialist do deal with extending your lease but a local experts often better understand the peculiarities of Birmingham properties very well. The Fridaysmove Birmingham Lease Extension team would be very happy to discuss your options for extending your lease or buying the freehold of your Birmingham leasehold property .