As the the remaining lease term of a Higher Kinnerton residential lease lessens so does its value and therefore the value of your property. Where the lease has, more than 100 years remaining then this decrease may be fractional that being said there will become a stage when a lease has fewer than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should consider extending sooner rather than later. Many flat owners in Higher Kinnerton will meet the qualifying criteria; that being said a conveyancer will be able to advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is generally considered that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Higher Kinnerton can be a difficult process. We recommend you procure professional help from a conveyancer and valuer with experience in this area.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Higher Kinnerton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of unsuccessful discussions with the freeholder of her studio flat in Higher Kinnerton, Emily started the lease extension process just as the lease was nearing the critical eighty-year deadline. The legal work was concluded in July 2012. The freeholder’s charges were negotiated to below 500 pounds.
In 2010 we were e-mailed by Dr Isobel Moreau who, having completed a studio flat in Higher Kinnerton in February 2004. The question was if we could approximate the premium would likely be to prolong the lease by a further 90 years. Identical properties in Higher Kinnerton with a long lease were valued around £227,800. The mid-range amount of ground rent was £45 invoiced yearly. The lease lapsed in 2090. Given that there were 65 years outstanding we approximated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 not including legals.
Mrs N Green purchased a one bedroom flat in Higher Kinnerton in February 2011. The dilemma was if we could approximate the premium could be for a 90 year lease extension. Identical residencies in Higher Kinnerton with a long lease were valued about £275,000. The mid-range amount of ground rent was £55 collected quarterly. The lease finished in 2101. Given that there were 76 years outstanding we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of fees.