It’s a harsh certainty that a Kempshott residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the first few years due to the loss of value being disguised by increases in the Kempshott property market.Once your lease nears 85ish years, you should start considering a lease extension. If lease term falls below 80 years, you will end up paying 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property Most flat owners in Kempshott will be able to extend under the legislation; however a lawyer should be able to confirm if you qualify for an extension. In some cases you may not qualify. There are also strict deadlines and procedures to follow once the process is instigated and you will need to be guided by your conveyancing solicitor throughout the formalities.
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| National Westminster Bank | |
| Skipton Building Society |
Irrespective of whether you are a tenant or a landlord in Kempshott,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Kempshott valuers.
In 2014 Tyler, started to get near to the 80-year mark with the lease on his basement flat in Kempshott. Having purchased his home two decades ago, the length of the lease was of little importance. Thankfully, he became aware that he needed to take action soon on a lease extension. Tyler was able to extend his lease just under the wire in March. Tyler and the freeholder eventually agreed on the final figure of £5,500 . If he had missed the deadline, the figure would have increased by a minimum £900.
Mr A Roux bought a purpose-built flat in Kempshott in August 2005. We are asked if we could shed any light on how much (roughly) price would likely be to extend the lease by 90 years. Comparative homes in Kempshott with a long lease were worth £280,000. The average ground rent payable was £55 collected every twelve months. The lease expiry date was on 3 October 2104. Taking into account 78 years left we approximated the premium to the landlord for the lease extension to be within £13,300 and £15,400 plus fees.
Mr and Mrs. U David moved into a newly refurbished apartment in Kempshott in June 2007. The dilemma was if we could estimate the premium could be for a 90 year extension to my lease. Comparative homes in Kempshott with an extended lease were worth £186,000. The average amount of ground rent was £65 collected monthly. The lease ended on 15 February 2084. Taking into account 58 years left we calculated the compensation to the landlord to extend the lease to be within £24,700 and £28,600 plus fees.