When it comes to long leasehold premises in Kelsall, you are actually purchasing a right to live in a property for a prescribed time frame. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you should consider a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease becomes disproportionately greater particularly once there are less than 80 years remaining. Anyone in Kelsall with a lease approaching 81 years remaining should seriously consider extending it as soon as possible. When the lease term has below 80 years left, under the current legislation the freeholder can calculate and charge a greater premium, assessed on a technical calculation, strangely termed as “marriage value” which is payable.
Leasehold properties in Kelsall with in excess of one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Kelsall can be a difficult process. We recommend you obtain professional help from a lawyer 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 Kelsall lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago David, started to get near to the 80-year mark with the lease on his leasehold flat in Kelsall. In buying his property twenty years previously, the length of the lease was of minimal importance. by good luck, he noticed he would imminently be paying an inflated amount for Extending the lease. David extended the lease just in the nick of time last August. David and the freeholder via the management company eventually agreed on a premium of £6,000 . If he had missed the deadline, the premium would have escalated by at least £950.
Last Autumn we were phoned by Mr and Mrs. D Bertrand , who took over the lease of a recently refurbished apartment in Kelsall in May 2004. We are asked if we could approximate the price could be to prolong the lease by a further 90 years. Identical premises in Kelsall with a long lease were worth £181,600. The average ground rent payable was £55 invoiced yearly. The lease elapsed in 2077. Taking into account 52 years remaining we approximated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 not including professional charges.
Last month we were called by Mr and Mrs. H André , who took over the lease of a one bedroom apartment in Kelsall in January 1998. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Comparative homes in Kelsall with 100 year plus lease were in the region of £290,000. The average amount of ground rent was £45 collected quarterly. The lease came to a finish on 26 November 2097. Considering the 72 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £11,400 and £13,200 plus costs.