Top reasons for Kibworth Beauchamp lease extension

Why you should commence your Kibworth Beauchamp lease extension today:

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

When it comes to domestic leasehold property in Kibworth Beauchamp, you are actually purchasing an entitlement to live in a property for a prescribed time frame. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease gets disproportionately more expensive especially once there are fewer than 80 years remaining. Leasehold owners in Kibworth Beauchamp with a lease approaching 81 years unexpired should seriously consider extending it without delay. When a lease has below 80 years outstanding, under the relevant statute the landlord is entitled to calculate and demand a greater premium, based on a technical multiplication, strangely termed as “marriage value” which is payable.

An extended lease is almost the same value as a freehold

Leasehold premises in Kibworth Beauchamp with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may decide not to grant a mortgage 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 jittery at around 75 years. This may be problematic when you need to market or remortgage your flat as it will be practically unmortgageable. You may have no immediate plan to sell but when you do your buyer must wait two years before they can exercise the right to a an extension to the lease.

Why use us for your lease extension in Kibworth Beauchamp?

Using our service will provide you increased control over the value of your Kibworth Beauchamp leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Kibworth Beauchamp Lease Extension Case Studies:

Aimee, Kibworth Beauchamp, Leicestershire,

After lengthy discussions with the landlord of her ground floor apartment in Kibworth Beauchamp, Aimee started the lease extension process as the 80 year deadline was quickly coming. The legal work completed in June 2011. The freeholder’s costs were restricted to below 500 GBP.

Kibworth Beauchamp case:

Mr and Mrs. G Reed completed a studio flat in Kibworth Beauchamp in February 2010. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by an additional years. Comparative premises in Kibworth Beauchamp with 100 year plus lease were valued about £240,600. The average ground rent payable was £60 invoiced quarterly. The lease concluded on 26 May 2088. Having 62 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £21,900 and £25,200 not including professional charges.

Kibworth Beauchamp case:

In 2014 we were phoned by Ms Lauren Díaz who, having moved into a first floor flat in Kibworth Beauchamp in May 2012. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Identical properties in Kibworth Beauchamp with a long lease were worth £174,200. The mid-range ground rent payable was £55 invoiced yearly. The lease came to a finish on 18 February 2077. Taking into account 51 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 not including legals.