Main reasons to commence your Kesgrave lease extension

Why you should commence your Kesgrave lease extension today:

A Kesgrave lease depreciates with the years remaining on the lease.

The value of Kesgrave leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate materialy once the unexpired lease term is less than 80 years

Kesgrave property with a lease extension is almost the same value as a freehold

Leasehold premises in Kesgrave with more than one hundred years remaining 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 buying the freehold unless savings on ground rent and service charges warrant it.

Lenders may decide not to lend on a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are encountering difficulties in arranging finance or re-mortgage against property with shorter lease terms, particularly below seventy years as they are regarded as insufficient security.

Why use us for your lease extension in Kesgrave?

Lease extensions in Kesgrave can be a difficult process. We recommend you secure 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 Kesgrave lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Kesgrave Lease Extension Example Cases:

Jack, Kesgrave, Suffolk

During the course of the last few months Jack, started to get close to the eighty-year threshold with the lease on his basement apartment in Kesgrave. Having purchased his home 18 years ago, the unexpired term was of minimal interest. Fortunately, he realised he would imminently be paying an escalated premium for a lease extension. Jack arranged for a lease extension just under the wire last March. Jack and the freeholder via the managing agents eventually agreed on a premium of £5,500 . If he not met the deadline, the figure would have increased by at least £1,000.

Kesgrave case:

Mr and Mrs. H Davies purchased a one bedroom apartment in Kesgrave in July 1998. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparable flats in Kesgrave with a long lease were worth £201,200. The mid-range ground rent payable was £55 billed monthly. The lease ran out in 2082. Having 56 years unexpired we calculated the premium to the landlord to extend the lease to be between £31,400 and £36,200 not including costs.

Kesgrave case:

In 2010 we were contacted by Dr Logan Allen who, having took over the lease of a one bedroom flat in Kesgrave in February 2012. The question was if we could approximate the premium could be for a 90 year lease extension. Comparable premises in Kesgrave with an extended lease were valued around £300,000. The mid-range ground rent payable was £50 collected annually. The lease terminated on 12 June 2102. Taking into account 76 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 not including costs.