Kenilworth leases on domestic deteriorating in value. if your lease has about 90 years left, you should start thinking about a lease extension. If lease term is less than eighty years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Kenilworth will mostly be legally entitled to a lease extension; however a solicitor will confirm your eligibility. In certain situations you may not qualify. There are also strict deadlines and formalities to comply with once the process has started so it’s best to be guided by a conveyancer during the process.
Leasehold properties in Kenilworth with more than one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Kenilworth can be a difficult process. We recommend you get guidance from a conveyancer and valuer 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 procuring Kenilworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Kai owned a high value flat in Kenilworth on the market with a lease of fraction over sixty years outstanding. Kai informally approached his freeholder a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Kai to invoke his statutory right. Kai procured expert legal guidance and secured satisfactory deal informally and sell the property.
Mr and Mrs. T Evans purchased a one bedroom apartment in Kenilworth in September 2005. We are asked if we could estimate the premium would likely be for a 90 year extension to my lease. Comparative properties in Kenilworth with an extended lease were valued about £265,000. The mid-range amount of ground rent was £50 collected quarterly. The lease ended on 6 May 2099. Given that there were 73 years outstanding we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of expenses.
Last Christmas we were called by Dr S Green , who moved into a basement flat in Kenilworth in May 2002. The dilemma was if we could shed any light on how much (approximately) price could be for a ninety year extension to my lease. Similar properties in Kenilworth with an extended lease were in the region of £264,000. The average ground rent payable was £60 billed monthly. The lease terminated in 2079. Considering the 53 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £37,100 and £42,800 plus fees.