Main reasons to commence your Keelby lease extension

Main reasons to commence your Keelby lease extension today:

Increase your lease and increase your Keelby property value

The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Keelby may extend the lease for a further ninety years under statute. Do think carefully before delaying your Keelby lease extension. Postponing that expense today simply increases the premium you will eventually have to pay to extend the lease.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lenders may not lend with a short lease

Mortgage companies do not like short residential leases. You are likely to experience difficulties where you want to sell your flat in Keelby if the remaining term of your lease is below the criteria set by the majority of mortgage companies. Different mortgage companies have varying criteria but generally they are looking for an unexpired term of at least 65 years.

Why use us for your lease extension in Keelby?

The conveyancers that we work with handle Keelby 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.

Keelby Lease Extension Case Studies:

Lewis, Keelby, Lincolnshire,

Lewis owned a studio apartment in Keelby being sold with a lease of just over 59 years unexpired. Lewis informally contacted his freeholder being a well known Bristol-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 new rent initially set at £150 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Lewis to exercise his statutory right. Lewis procured expert legal guidance and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.

Keelby case:

Dr Kai Green owned a first floor flat in Keelby in June 1999. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Identical properties in Keelby with an extended lease were valued around £176,200. The average amount of ground rent was £65 billed every twelve months. The lease expired in 2082. Having 56 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £29,500 and £34,000 exclusive of legals.

Keelby case:

In 2010 we were contacted by Dr B Wood who, having moved into a first floor apartment in Keelby in July 2004. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by an additional years. Comparable homes in Keelby with 100 year plus lease were in the region of £242,600. The average ground rent payable was £45 invoiced annually. The lease finished on 26 November 2093. Given that there were 67 years remaining we calculated the premium to the landlord to extend the lease to be within £11,400 and £13,200 not including legals.