Top reasons for Ketton lease extension

Why you should start your Ketton lease extension today:

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

Ketton leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Ketton residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Ketton you must check if your lease has between seventy and 90 years remaining. There are compelling reasons why a Ketton flat owner with a lease having around eighty years unexpired should take action to ensure that a lease extension is effected without delay

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

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Banks and Building Societies may not finance a property with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to become concerned at around 75 years. This will cause difficulties once you wish to dispose of or refinance your property as it will be practically unmortgageable. Even though you might not have an immediate desire to sell but when you do your buyer must hold off for two years before they can exercise the right to a an extension to the lease.

What makes us experts in Ketton lease extensions?

Irrespective of whether you are a tenant or a freeholder in Ketton,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 in-depth market knowledge and the close ties they enjoy with Ketton valuers.

Ketton Lease Extension Case Studies:

Shannon, Ketton, Rutland,

Off the back of protracted negotiations with the freeholder of her one bedroom flat in Ketton, Shannon initiated the lease extension process just as the lease was nearing the critical 80-year deadline. The transaction completed in August 2012. The freeholder’s fees were restricted to under five hundred GBP.

Ketton case:

Mr Y Cook purchased a one bedroom flat in Ketton in April 2003. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Comparative residencies in Ketton with a long lease were worth £260,200. The mid-range amount of ground rent was £65 invoiced monthly. The lease ran out on 8 November 2092. Having 66 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £16,200 and £18,600 plus costs.

Ketton case:

Mrs B Thompson acquired a basement apartment in Ketton in May 1996. The dilemma was if we could shed any light on how much (approximately) premium would be to prolong the lease by ninety years. Similar residencies in Ketton with an extended lease were worth £198,800. The average ground rent payable was £55 invoiced every twelve months. The lease finished on 3 June 2081. Considering the 55 years as a residual term we approximated the premium to the landlord to extend the lease to be between £33,300 and £38,400 exclusive of expenses.