Main reasons to commence your Keswick lease extension

Top reasons for lease extension now:

Increase your lease and increase your Keswick property value

Chances are that where you own a flat in Keswick you actually own a long leasehold interest over your property

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

It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the equivalent 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 decades to come.

Lending institutions will not loan monies on a short lease

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to get jittery at around 75 years. This may cause difficulties as and when you need to dispose of or remortgage your flat as it will be practically unmortgageable. Even though you might have no immediate intention to sell but when you do your buyer must wait a couple of years before being able to initiate the legal procedures for an extension to the lease.

Why use us for your lease extension in Keswick?

The lawyers that we work with procure Keswick lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Keswick Lease Extension Case Studies:

Lewis, Keswick, Cumbria,

Lewis owned a high value apartment in Keswick on the market with a lease of fraction over 59 years remaining. Lewis on an informal basis contacted his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 per annum. No ground rent would be due on a lease extension were Lewis to exercise his statutory right. Lewis obtained expert legal guidance and secured satisfactory deal informally and sell the flat.

Keswick case:

Last Autumn we were e-mailed by Mr and Mrs. E Wilson , who was assigned a lease of a one bedroom apartment in Keswick in November 2001. We are asked if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Comparative homes in Keswick with 100 year plus lease were valued around £265,000. The mid-range ground rent payable was £55 billed monthly. The lease expired in 2100. Taking into account 74 years as a residual term we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of legals.

Keswick case:

Last year we were approach by Dr Gemma Hernández , who owned a basement apartment in Keswick in August 2000. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Similar homes in Keswick with an extended lease were worth £166,400. The mid-range ground rent payable was £60 billed per annum. The lease elapsed on 24 January 2080. Given that there were 54 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £32,300 and £37,400 plus professional charges.