Why you should commence your Kelsall lease extension

Top reasons for lease extension now:

Increase your lease and increase your Kelsall property value

There is no doubt about it a leasehold flat or house in Kelsall is a wasting asset as a result of the diminishing lease term. If the residual term has, more than one hundred years remaining then this decrease may be fractional however there will become a stage when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should extend the lease sooner as opposed to later. The majority of flat owners in Kelsall will meet the qualifying criteria; nevertheless a conveyancing solicitor will be able to confirm whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

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

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years in the future.

Mortgage lenders may not issue a mortgage with a short lease

Most banks and building societies will be unwilling to grant a mortgage on a lease with under 70 years remaining - although this varies between mortgage companies. A buyer will no doubt encounter difficulties in obtaining a mortgage and this could result in your Kelsall property being difficult to sell or to obtain finance on.

What makes us experts in Kelsall lease extensions?

Lease extensions in Kelsall can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and valuer with experience in lease extensions.

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.

Kelsall Lease Extension Example Cases:

Lucy, Kelsall, Cheshire,

Trailing lengthy discussions with the freeholder of her garden flat in Kelsall, Lucy commenced the lease extension process just as her lease was nearing the crucial eighty-year threshold. The legal work was concluded in April 2006. The landlord’s fees were kept to an absolute minimum.

Kelsall case:

Last Spring we were contacted by Mr and Mrs. S Reed , who took over the lease of a ground floor flat in Kelsall in February 2006. The dilemma was if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Comparative properties in Kelsall with an extended lease were valued around £225,800. The mid-range amount of ground rent was £60 collected annually. The lease elapsed on 20 January 2086. Given that there were 60 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £25,700 and £29,600 not including expenses.

Kelsall case:

In 2014 we were called by Mr V Rivera who, having purchased a one bedroom flat in Kelsall in May 2005. The dilemma was if we could estimate the price would likely be to extend the lease by ninety years. Comparable residencies in Kelsall with an extended lease were valued around £210,000. The mid-range ground rent payable was £50 invoiced per annum. The lease terminated on 22 April 2106. Taking into account 80 years outstanding we approximated the premium to the landlord to extend the lease to be within £8,600 and £9,800 not including expenses.