Main reasons to commence your Keighley lease extension

Top reasons for lease extension now:

Increase your lease and increase your Keighley property value

The nearer a residential lease in Keighley gets to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, beyond one hundred years to run then this decrease may be of little impact that being said there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main rational as to why you should extend the lease without delay. Many flat owners in Keighley will meet the qualifying criteria; however a lawyer should be able to confirm if you qualify to extend your lease. 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.

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

Leasehold premises in Keighley with over one hundred years unexpired on the lease are often referred to as ‘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 reversionary interest unless savings on ground rent and estate charges justify it.

Lenders may decide not to issue a mortgage with a short lease

Almost all banks and building societies will be unwilling to lend on a lease with less than seventy years unexpired - although this varies from lender to lender. A buyer will undoubtedly encounter difficulties in obtaining a mortgage and this will result in your Keighley property becoming difficult to dispose of or refinance.

Get in touch with one of our Keighley lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with procure Keighley 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 lawyer we work with provide it.

Keighley Lease Extension Example Cases:

Erin, Keighley, West Yorkshire,

After lengthy correspondence with the freeholder of her leasehold apartment in Keighley, Erin commenced the lease extension process just as the lease was approaching the all-important 80-year threshold. The transaction was finalised in May 2005. The landlord’s fees were kept to an absolute minimum.

Keighley case:

In 2014 we were contacted by Mr and Mrs. V Bonnet who, having completed a one bedroom apartment in Keighley in July 1996. The question was if we could shed any light on how much (roughly) premium would be to extend the lease by a further 90 years. Comparative flats in Keighley with 100 year plus lease were valued about £280,000. The average amount of ground rent was £55 invoiced every twelve months. The lease finished on 4 August 2104. Considering the 78 years unexpired we estimated the premium to the landlord to extend the lease to be within £13,300 and £15,400 not including legals.

Keighley case:

Last Summer we were e-mailed by Mr and Mrs. L Alexander , who bought a garden flat in Keighley in July 2010. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Comparable properties in Keighley with 100 year plus lease were in the region of £186,000. The mid-range ground rent payable was £65 collected yearly. The lease lapsed in 2084. Having 58 years left we estimated the premium to the landlord to extend the lease to be between £24,700 and £28,600 exclusive of legals.