Why you should start your Keighley lease extension

Top reasons for lease extension now:

A Keighley lease depreciates with the years remaining on the lease.

The nearer a residential lease in Keighley nears to zero years unexpired, the more it reduces the value of the property. Where the residual term has, more than 99 years to run then this decrease may be of little impact that being said there will become a point in time when a lease has less than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should consider extending sooner rather than later. Most flat owners in Keighley will qualify for this right; however a conveyancing solicitor can advise if you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

Leasehold properties in Keighley with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders may decide not to issue a mortgage on a short lease

Lending institutions have specific criteria when loaning monies secured on leasehold property. Many will simply refrain from lending at all once an unexpired lease term falls beneath a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining below 75 years as adequate security. As well as impacting your ability to sell, it is also relevant if you are wanting to refinance your Keighley property.

What makes us experts in Keighley lease extensions?

Irrespective of whether you are a tenant or a freeholder in Keighley,the lease extension experts 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 Keighley valuers.

Keighley Lease Extension Case Summaries:

Logan, Keighley, West Yorkshire,

Logan owned a high value flat in Keighley on the market with a lease of fraction over 72 years left. Logan on an informal basis approached his landlord a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £200 per annum. No ground rent would be payable on a lease extension were Logan to exercise his statutory right. Logan obtained expert advice and secured an acceptable resolution informally and ending up with a market value flat.

Keighley case:

Last Winter we were called by Mr Kai François , who took over the lease of a garden apartment in Keighley in February 2001. The question was if we could estimate the premium could be to extend the lease by ninety years. Identical premises in Keighley with a long lease were worth £235,200. The average ground rent payable was £45 collected every twelve months. The lease ran out on 22 January 2092. Considering the 66 years left we calculated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of expenses.

Keighley case:

In 2011 we were approached by Dr Connor Lewis who, having was assigned a lease of a newly refurbished flat in Keighley in May 2012. We are asked if we could estimate the premium would likely be to prolong the lease by ninety years. Comparative premises in Keighley with 100 year plus lease were valued about £275,000. The mid-range ground rent payable was £55 billed monthly. The lease expired on 16 June 2103. Having 77 years remaining we calculated the premium to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of fees.