The value of Kegworth leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase significantly once the unexpired lease term is less than 80 years
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| Halifax |
Regardless of whether you are a tenant or a landlord in Kegworth,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Kegworth valuers.
In the wake of 6 months of lengthy discussions with the freeholder of her leasehold flat in Kegworth, Lily started the lease extension process as the eighty year mark was swiftly nearing. The lease extension completed in June 2015. The landlord’s charges were kept to an absolute minimum.
Last Summer we were approach by Dr F Robinson , who moved into a recently refurbished apartment in Kegworth in June 2000. The question was if we could estimate the premium would likely be for a ninety year extension to my lease. Similar properties in Kegworth with an extended lease were valued around £218,000. The mid-range amount of ground rent was £45 collected quarterly. The lease expired on 18 May 2089. Having 63 years as a residual term we calculated the premium to the landlord for the lease extension to be between £17,100 and £19,800 not including costs.
In 2009 we were approached by Mr and Mrs. D Sánchez who, having acquired a recently refurbished flat in Kegworth in August 2012. We are asked if we could estimate the price would be to extend the lease by 90 years. Comparable flats in Kegworth with an extended lease were valued about £265,000. The mid-range amount of ground rent was £50 billed per annum. The lease ended on 3 June 2100. Having 74 years as a residual term we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including expenses.