Top reasons for Kelvedon lease extension

Top reasons for lease extension now:

Increase your lease and increase your Kelvedon property value

Chances are that if you own a flat in Kelvedon you actually own a long leasehold interest over your property

Kelvedon property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Kelvedon with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.

Banks and Building Societies will not issue a mortgage with a short lease

Most mortgage companies insist on a lengthy amount of time left on a leasehold residence before they will contemplate lending on it. Regardless of whether you need a mortgage, you should be conscious that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so if they can't get a mortgage, then the market price of your property could be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Kelvedon lease extensions?

Lease extensions in Kelvedon can be a difficult process. We recommend you get professional help from a conveyancer 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 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:

Dexter, Kelvedon, Essex,

Dexter owned a 2 bedroom apartment in Kelvedon being marketed with a lease of a few days over 59 years outstanding. Dexter on an informal basis contacted his landlord being a well known Manchester-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 yearly. No ground rent would be payable on a lease extension were Dexter to invoke his statutory right. Dexter obtained expert advice and was able to make an informed judgement and handle with the matter and ending up with a market value flat.

Kelvedon case:

Last year we were approach by Mrs Sophia Miller , who was assigned a lease of a garden flat in Kelvedon in April 1996. The dilemma was if we could approximate the premium would likely be for a 90 year extension to my lease. Comparable premises in Kelvedon with an extended lease were worth £225,400. The average amount of ground rent was £45 billed per annum. The lease ran out on 2 May 2090. Given that there were 64 years outstanding we calculated the premium to the freeholder to extend the lease to be within £15,200 and £17,600 plus fees.

Kelvedon case:

In 2013 we were contacted by Mr and Mrs. U Phillips who, having took over the lease of a newly refurbished apartment in Kelvedon in March 1995. The question was if we could approximate the price would be to prolong the lease by a further 90 years. Similar residencies in Kelvedon with an extended lease were in the region of £270,000. The mid-range ground rent payable was £55 collected per annum. The lease expiry date was on 15 May 2101. Having 75 years outstanding we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including legals.