For those whose Kibworth Beauchamp flat is held on a long lease, the message is clear – if no remedial action is taken, your property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to extend the lease.
It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Kibworth Beauchamp can be a difficult process. We recommend you secure guidance from a conveyancing solicitor 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 Kibworth Beauchamp lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing unsuccessful negotiations with the freeholder of her garden flat in Kibworth Beauchamp, Georgia started the lease extension process just as her lease was approaching the all-important 80-year mark. The legal work was finalised in February 2015. The landlord’s fees were restricted to less than 650 pounds.
In 2009 we were phoned by Mr M Ward who, having was assigned a lease of a basement flat in Kibworth Beauchamp in October 1995. The question was if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Comparative properties in Kibworth Beauchamp with an extended lease were worth £280,000. The mid-range amount of ground rent was £45 billed yearly. The lease elapsed on 23 February 2095. Given that there were 69 years remaining we estimated the premium to the landlord for the lease extension to be between £12,400 and £14,200 not including expenses.
In 2012 we were approached by Mr and Mrs. A Phillips who, having moved into a newly refurbished apartment in Kibworth Beauchamp in April 1998. The question was if we could approximate the premium would likely be to extend the lease by an additional years. Similar flats in Kibworth Beauchamp with 100 year plus lease were in the region of £216,000. The mid-range ground rent payable was £60 collected yearly. The lease elapsed in 2084. Considering the 58 years outstanding we estimated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 not including legals.