The market value of a leasehold property in Kelsall depends on how long the lease has remaining. If it is close to or less than 80 years you should expect difficulties on re-sale, so it is advisable to arrange for the lease to be extended ahead of purchasing. It is ideal to start the process of extending the lease is when a lease still has 82 years unexpired so that a lease extension can be concluded in advance of the 80 year mark. Leasehold Reform legislation entitles Kelsall qualifying lessees to an additional term of 90 years over and above the existing term, at a notional rent (zero ground rent). The purpose of the valuation is to arrive at an opinion of the amount payable by the lessee to the freeholder for the purchase of the lease extension.
Leasehold residencies in Kelsall with in excess of one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Birmingham Midshires | |
| National Westminster Bank | |
| Santander |
Lease extensions in Kelsall can be a difficult process. We recommend you get guidance from a lawyer and surveyor well versed in the legislation and lease extension process.
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 dealing with Kelsall lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After protracted correspondence with the landlord of her leasehold apartment in Kelsall, Phoebe commenced the lease extension process as the 80 year threshold was rapidly coming. The lease extension was concluded in January 2007. The landlord’s costs were kept to an absolute minimum.
In 2012 we were contacted by Mr and Mrs. Y Mercier who, having moved into a purpose-built apartment in Kelsall in August 1998. We are asked if we could estimate the price would likely be to prolong the lease by 90 years. Comparative homes in Kelsall with 100 year plus lease were valued around £295,000. The mid-range ground rent payable was £45 billed yearly. The lease lapsed on 22 July 2101. Taking into account 75 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 not including legals.
Last Spring we were contacted by Mr and Mrs. D Simon , who acquired a purpose-built apartment in Kelsall in July 2002. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year lease extension. Identical properties in Kelsall with 100 year plus lease were worth £250,400. The mid-range ground rent payable was £65 invoiced per annum. The lease terminated in 2090. Having 64 years left we approximated the premium to the freeholder to extend the lease to be between £19,000 and £22,000 exclusive of professional charges.