Why you should commence your Kelsall lease extension

Top reasons for lease extension now:

Increase your lease and increase your Kelsall property value

As the length of the unexpired term of a Kelsall residential lease decreases so does its value and therefore the value of your property. If the lease has, over 99 years remaining then this decrease may be negligible that being said there will become a point in time when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main rational as to why you should consider extending without delay. The majority of flat owners in Kelsall will qualify for this right; nevertheless a conveyancing solicitor can advise if you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

Kelsall property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 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 lend with a short lease

Lenders do not grant a mortgage on short residential leases. You are likely to experience difficulties if you want to sell your flat in Kelsall if the remaining lease term is less than the criteria set by most lenders. Different lenders have different requirements but generally theyrequire an unexpired term of at least seventy years.

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

Regardless of whether you are a tenant or a freeholder in Kelsall,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Kelsall valuers.

Kelsall Lease Extension Case Summaries:

Omar, Kelsall, Cheshire,

Omar was the the leasehold owner of a conversion apartment in Kelsall being marketed with a lease of a little over sixty years left. Omar informally contacted his landlord a well known London-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Omar to invoke his statutory right. Omar obtained expert advice and was able to make an informed judgement and handle with the matter and ending up with a market value flat.

Kelsall case:

In 2013 we were e-mailed by Mr and Mrs. N Mason who, having moved into a one bedroom flat in Kelsall in May 2008. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Comparative flats in Kelsall with 100 year plus lease were in the region of £250,400. The average amount of ground rent was £65 billed per annum. The lease elapsed in 2090. Considering the 64 years unexpired we estimated the compensation to the landlord for the lease extension to be within £19,000 and £22,000 plus professional charges.

Kelsall case:

Mr and Mrs. M Gunderson was assigned a lease of a ground floor apartment in Kelsall in June 2010. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Comparative properties in Kelsall with an extended lease were valued about £184,000. The mid-range amount of ground rent was £55 billed yearly. The lease concluded on 5 January 2079. Having 53 years left we approximated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 not including fees.