Why you should commence your Kibworth Beauchamp lease extension

Main reasons to start your Kibworth Beauchamp lease extension today:

A Kibworth Beauchamp leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Kibworth Beauchamp you actually own a long leasehold interest over your property

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

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions may not grant a mortgage with a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now expect flats to have a minimum of 60 if not 70 years left at the expiry of the mortgage. Given that plenty of flats in Kibworth Beauchamp were built in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Kibworth Beauchamp lease extensions?

Irrespective of whether you are a tenant or a landlord in Kibworth Beauchamp,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Kibworth Beauchamp valuers.

Kibworth Beauchamp Lease Extension Case Summaries:

Tommy, Kibworth Beauchamp, Leicestershire,

Tommy was the the leasehold owner of a high value apartment in Kibworth Beauchamp on the market with a lease of a little over fifty eight years unexpired. Tommy informally spoke with his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 per annum. No ground rent would be due on a lease extension were Tommy to exercise his statutory right. Tommy procured expert legal guidance and secured satisfactory resolution without resorting to tribunal and sell the flat.

Kibworth Beauchamp case:

Mr F Brooks took over the lease of a garden apartment in Kibworth Beauchamp in August 1999. The dilemma was if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Comparable residencies in Kibworth Beauchamp with a long lease were worth £295,000. The mid-range ground rent payable was £45 billed monthly. The lease finished in 2100. Given that there were 74 years remaining we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including costs.

Kibworth Beauchamp case:

In 2012 we were approached by Ms Nicole Roberts who, having bought a one bedroom apartment in Kibworth Beauchamp in October 2010. We are asked if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Identical residencies in Kibworth Beauchamp with an extended lease were worth £248,000. The average amount of ground rent was £65 invoiced monthly. The lease expiry date was on 19 July 2089. Taking into account 63 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £20,000 and £23,000 exclusive of costs.