As the the remaining lease term of a Kempshott domestic lease lessens so does its value and therefore the value of your property. If the lease has, more than 125 years remaining then this decrease may be negligible nevertheless there will become a point in time when a lease has less than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main rational as to why you should consider extending without delay. The majority of flat owners in Kempshott will qualify for this right; however a conveyancer will be able to confirm whether you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
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 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Coventry Building Society | |
| Santander | |
| The Mortgage Works | |
| Yorkshire Building Society |
Lease extensions in Kempshott can be a difficult process. We recommend you secure 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 a wealth of experience procuring Kempshott lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of unsuccessful discussions with the landlord of her ground floor apartment in Kempshott, Emily commenced the lease extension process as the 80 year deadline was swiftly approaching. The legal work was concluded in January 2009. The landlord’s fees were negotiated to slightly above five hundred GBP.
Last June we were contacted by Dr Chloe Moore , who was assigned a lease of a newly refurbished flat in Kempshott in September 1999. The question was if we could shed any light on how much (roughly) premium could be to extend the lease by a further 90 years. Similar flats in Kempshott with a long lease were valued around £235,200. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease came to a finish on 21 August 2092. Considering the 66 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 plus fees.
In 2012 we were phoned by Dr Phoebe Bailey who, having was assigned a lease of a recently refurbished apartment in Kempshott in March 2010. We are asked if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Identical homes in Kempshott with a long lease were in the region of £275,000. The average amount of ground rent was £55 collected annually. The lease concluded on 28 September 2103. Taking into account 77 years left we calculated the premium to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of professional charges.