Top reasons for Keyworth lease extension

Main reasons to commence your Keyworth lease extension today:

A Keyworth leasehold property depreciates with the years remaining on the lease.

Chances are that if you own a flat in Keyworth you actually own a long leasehold interest over your property

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

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for many years in the future.

Mortgage lenders will not grant a mortgage on a short lease

Many banks and building societies require a lengthy amount of time remaining on a leasehold residence before they will consider providing a mortgage on it. Even if you don't require a mortgage, you should be conscious that it is reasonable to assume that someone intending to purchase your property in the future might well do, so in the event that they are not able to get a mortgage, then the market price of the property will likely be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Keyworth lease extensions?

The conveyancing solicitors that we work with undertake Keyworth lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Keyworth Lease Extension Example Cases:

Adam, Keyworth, Nottinghamshire

Last October Adam, started to get near to the 80-year mark with the lease on his first floor apartment in Keyworth. In buying his home two decades ago, the length of the lease was of little interest. Fortunately, he became aware that he would imminently be paying way over the odds for Extending the lease. Adam extended the lease at the eleventh hour last June. Adam and the freeholder via the management company in the end agreed on an amount of £5,500 . If the lease had dropped to less than 80 years, the figure would have escalated by at least £1,125.

Keyworth case:

In 2009 we were called by Dr Andrew Rodríguez who, having acquired a ground floor flat in Keyworth in September 2003. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Identical properties in Keyworth with an extended lease were valued about £257,800. The mid-range ground rent payable was £65 invoiced annually. The lease end date was in 2091. Taking into account 65 years outstanding we estimated the premium to the freeholder for the lease extension to be between £17,100 and £19,800 not including fees.

Keyworth case:

In 2011 we were e-mailed by Mr and Mrs. W Mason who, having purchased a one bedroom apartment in Keyworth in January 2004. We are asked if we could approximate the price could be to extend the lease by ninety years. Comparative properties in Keyworth with an extended lease were worth £191,400. The mid-range amount of ground rent was £55 collected quarterly. The lease came to a finish in 2080. Given that there were 54 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £34,200 and £39,600 plus professional charges.