Why you should commence your Kegworth lease extension

Why you should commence your Kegworth lease extension today:

Increase your lease and increase your Kegworth property value

Kegworth leases on residential properties are gradually losing value. Where your lease has about ninety years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you start paying an additional element called marriage value. Leasehold owners in Kegworth will mostly qualify for a lease extension; however It would be wise to check with a lawyer to check your eligibility. In some circumstances you may not be entitled. There are prescribed deadlines and steps to follow once the process has commenced so it’s sensible to be guided by a conveyancing solicitor during the process.

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

It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for decades to come.

Lenders may not grant a mortgage on a short lease

Banks and building societies are inclined not lend on short residential leases. You are likely to encounter difficulties if you want to sell your flat in Kegworth if the unexpired lease term is under the criteria set by most mortgage companies. Different lenders have different criteria but on the whole they are looking for an unexpired term of at least 65 years.

What makes us experts in Kegworth lease extensions?

Lease extensions in Kegworth can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor 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 in-depth market knowledge procuring Kegworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Kegworth Lease Extension Case Summaries:

Jacob, Kegworth, Leicestershire

Last October Jacob, came perilously near to the eighty-year threshold with the lease on his studio flat in Kegworth. In buying his flat 18 years previously, the length of the lease was of no importance. Luckily, he noticed he needed to take steps soon on a lease extension. Jacob extended the lease just under the wire last January. Jacob and the landlord eventually settled on a premium of £5,500 . If he failed to meet the deadline, the sum would have become more exhorbitant by at least £1,000.

Kegworth case:

Last month we were contacted by Mr W Rose , who bought a first floor apartment in Kegworth in August 2003. We are asked if we could shed any light on how much (roughly) price would be to prolong the lease by a further 90 years. Comparable properties in Kegworth with 100 year plus lease were valued about £254,200. The mid-range ground rent payable was £60 collected monthly. The lease finished on 12 August 2077. Taking into account 51 years unexpired we estimated the premium to the landlord for the lease extension to be between £43,700 and £50,600 not including fees.

Kegworth case:

Last month we were contacted by Mr and Mrs. R Carter , who bought a one bedroom flat in Kegworth in September 1996. The dilemma was if we could approximate the price could be to prolong the lease by a further 90 years. Identical flats in Kegworth with 100 year plus lease were valued around £210,600. The average ground rent payable was £45 billed yearly. The lease terminated on 8 September 2088. Taking into account 62 years unexpired we approximated the premium to the freeholder to extend the lease to be within £18,100 and £20,800 plus expenses.