lease extension

  • A Detailed Outlook To Lease Extension

    There are many people all around the world which occupy land, house, flat, or building for a certain period of time on exchange of some money. If you have taken a building on lease, then you can use the building in any form that you want, but you are not the legal owner of that building. That building can be sold or bought in the open market to anyone.

    building with flats

    Why extend your lease?

    Most of the leaseholders can occupy a certain space for a limited period of time such as 50 to 100 years. But the actual value of the space starts to decrease with time. A property with short lease time or whose lease time period is going to expire soon is hard to sell. Extending lease will also cost you a lot at this stage. So, once you have acquired the right to purchase the lease extension, it is best to sell it at a high market price. If you are having some problem in extending your lease, then there are many companies which can help you to extend your lease which is going to end soon.

    Eligibility to extend your lease

    Some conditions that need to be fulfilled with your lease extension are mentioned below.

    • You must be a tenant or lease holder of that property for more than 21 years of the original term. You can extend your lease only and only after the expiration of that time period.
    • You must be the owner of that lease and have passed at least 2 years after the date of claim.
  • How Can A Lease Extension From Your Property Management Company Benefit You In The Long Run?

    building

    If you are looking for an easy way to get a lease extension and your landlord is not granting it for unjust reasons, you can opt to replace the control of your home and allow it to be changed to a corporation who can help you to get better management and easier lease extension on your home. Often, you may face a situation where a lease extension becomes necessary. The fact is, if you are looking for a mortgage, you may find that most companies do not accept a lease that is less than 70 years to expire. If you do not get an extension on time, it can get way more expensive to get extended and can significantly lower the value of your property on the market.

    Why should you get a lease extension?

    If you are looking for a way to avoid such troubles, the best option is to get an extension as soon as possible. The cost starts increasing as soon as you hit the 80 year mark left for expiry. The extension process becomes much simpler when you have an experienced corporation managing your property. The company can arrange for anywhere between 90 years and 999 years to ensure that your family always has a place to call their own even after you are not present. The lease extension process needs to meet the twin criteria of residence for 2 years and a minimum 21 years left on your lease.

    With proper measures taken at the right time, a company for property management in Birmingham can help you to stop the value of your home to drop.