Top reasons for Keelby lease extension

Why you should start your Keelby lease extension today:

Increase your lease and increase your Keelby property value

The only way is down when it comes to Keelby lease terms. Keelby flats that have a remaining term shorter than 80 years will drop in value at a rapid rate, and the cost of extending your lease will rise.

An extended lease is almost the same value as a freehold

Leasehold residencies in Keelby with in excess of 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Lenders will not grant a mortgage on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to become jittery at around 75 years. This will cause difficulties as and when you wish to sell or remortgage your property as it will be practically unmortgageable. Even though you may have no imminent plan to sell but when you do your purchaser will have to wait two years before being able to exercise the right to a a lease extension.

What makes us experts in Keelby lease extensions?

Irrespective of whether you are a tenant or a freeholder in Keelby,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Keelby valuers.

Keelby Lease Extension Case Studies:

Omar, Keelby, Lincolnshire,

Omar was the the leasehold proprietor of a high value flat in Keelby on the market with a lease of a little over sixty years outstanding. Omar on an informal basis spoke with his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £50 yearly. No ground rent would be due on a lease extension were Omar to exercise his statutory right. Omar procured expert advice and secured satisfactory deal without resorting to tribunal and ending up with a market value flat.

Keelby case:

In 2013 we were phoned by Ms Aimee Richardson who, having owned a one bedroom apartment in Keelby in June 2003. We are asked if we could shed any light on how much (approximately) price could be for a ninety year extension to my lease. Identical residencies in Keelby with an extended lease were valued about £245,000. The mid-range ground rent payable was £50 billed monthly. The lease expired in 2094. Having 68 years outstanding we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including expenses.

Keelby case:

Last month we were approach by Ms M Howard , who moved into a one bedroom apartment in Keelby in August 2002. We are asked if we could estimate the compensation to the landlord would be to extend the lease by ninety years. Similar properties in Keelby with a long lease were worth £285,000. The mid-range ground rent payable was £55 collected every twelve months. The lease expiry date was in 2105. Having 79 years unexpired we calculated the premium to the landlord to extend the lease to be between £13,300 and £15,400 not including professional charges.