Main reasons to start your Kelvedon lease extension

Top reasons for lease extension now:

Increase your lease and increase your Kelvedon property value

Kelvedon residential property owned on a long lease is a wasting asset because a leaseholder only owns the property for a set term.

An extended lease is almost the same value as a freehold

Leasehold residencies in Kelvedon with more than 100 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 home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may not grant a mortgage with a short lease

Almost all banks and building societies insist on a lengthy amount of time left on a leasehold property before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be conscious that it is probable that someone intending to acquire your property in the future might well do, so where they are unable to secure a mortgage, then the value of the property will likely suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are willing to accept

What makes us experts in Kelvedon lease extensions?

Lease extensions in Kelvedon can be a difficult process. We recommend you obtain 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 a wealth of experience dealing with Kelvedon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Kelvedon Lease Extension Example Cases:

Callum, Kelvedon, Essex

Last Autumn Callum, started to get close to the eighty-year threshold with the lease on his first floor apartment in Kelvedon. Having purchased his property 18 years ago, the unexpired term was of little bearing. Thankfully, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Callum arranged for a lease extension at the eleventh hour last April. Callum and the freeholder ultimately agreed on sum of £6,000 . If he not met the deadline, the premium would have gone up by a minimum £1,025.

Kelvedon case:

In 2014 we were approached by Ms D Nguyen who, having took over the lease of a studio flat in Kelvedon in October 2000. We are asked if we could estimate the price could be for a 90 year extension to my lease. Identical flats in Kelvedon with a long lease were in the region of £280,000. The mid-range amount of ground rent was £55 billed yearly. The lease ended in 2104. Considering the 79 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 plus fees.

Kelvedon case:

In 2009 we were called by Dr Leo Miller who, having owned a studio flat in Kelvedon in January 2006. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by ninety years. Comparative premises in Kelvedon with a long lease were worth £193,400. The mid-range ground rent payable was £65 billed annually. The lease finished on 13 August 2084. Given that there were 59 years outstanding we approximated the premium to the landlord for the lease extension to be between £21,900 and £25,200 exclusive of expenses.