Main reasons to commence your Kidderminster lease extension

Why you should commence your Kidderminster lease extension today:

Increase your lease and increase your Kidderminster property value

Kidderminster leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Kidderminster residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Kidderminster you must check if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value

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

It is generally accepted that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to lend on a short lease

Banks and building societies will not grant a mortgage on short residential leases. You most probably experience difficulties if you need to sell your flat in Kidderminster if the remaining lease term is under the criteria set by most mortgage companies. Different mortgage companies have different requirements but in the main they are looking for a minimum remaining lease term of seventy years.

Why use us for your lease extension in Kidderminster?

Irrespective of whether you are a tenant or a freeholder in Kidderminster,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 experience and the close ties they enjoy with Kidderminster valuers.

Kidderminster Lease Extension Case Summaries:

Abigail, Kidderminster, Worcestershire,

Off the back of protracted correspondence with the landlord of her studio apartment in Kidderminster, Abigail initiated the lease extension process as the 80 year mark was swiftly coming. The legal work was finalised in October 2015. The landlord’s charges were negotiated to below 450 GBP.

Kidderminster case:

In 2012 we were phoned by Ms Grace Gunderson who, having was assigned a lease of a studio flat in Kidderminster in January 2010. The dilemma was if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Similar homes in Kidderminster with a long lease were worth £223,400. The average ground rent payable was £60 invoiced monthly. The lease lapsed on 11 August 2085. Considering the 59 years unexpired we calculated the compensation to the landlord to extend the lease to be within £27,600 and £31,800 not including fees.

Kidderminster case:

In 2010 we were contacted by Ms F Flores who, having owned a one bedroom flat in Kidderminster in July 2010. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Similar properties in Kidderminster with 100 year plus lease were worth £205,000. The mid-range amount of ground rent was £50 collected per annum. The lease came to a finish on 8 July 2105. Taking into account 79 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 plus professional charges.