Kidsgrove leases on residential properties are gradually losing value. Where your lease has about ninety years remaining, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for your lease extension to be in place before the term of the existing lease drops below 80 years - otherwise a higher amount will be payable. Leasehold owners in Kidsgrove will usually be legally entitled to a lease extension; however a solicitor will check your eligibility. In some cases you may not be entitled. There are also strict deadlines and steps to follow once the process is triggered so it’s sensible to be guided by a conveyancer during the process.
Leasehold residencies in Kidsgrove with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Santander | |
| Skipton Building Society | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Kidsgrove can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 dealing with Kidsgrove lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to lengthy correspondence with the freeholder of her first floor apartment in Kidsgrove, Bethan initiated the lease extension process as the 80 year threshold was fast advancing. The legal work was concluded in July 2015. The freeholder’s costs were negotiated to below 600 pounds.
Mr and Mrs. C Lefebvre completed a basement apartment in Kidsgrove in October 2010. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Comparable properties in Kidsgrove with 100 year plus lease were valued around £216,000. The mid-range ground rent payable was £60 billed monthly. The lease lapsed in 2084. Having 58 years remaining we calculated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 plus fees.
Last Summer we were called by Ms F Roberts , who bought a ground floor apartment in Kidsgrove in June 2008. We are asked if we could approximate the premium could be to prolong the lease by ninety years. Comparative homes in Kidsgrove with a long lease were valued about £205,000. The mid-range amount of ground rent was £50 billed monthly. The lease lapsed on 3 April 2104. Taking into account 78 years unexpired we approximated the premium to the freeholder to extend the lease to be between £7,600 and £8,800 plus costs.