Why you should start your Killingworth lease extension

Main reasons to start your Killingworth lease extension today:

A Killingworth lease depreciates with the years remaining on the lease.

Killingworth leases on domestic deteriorating in value. if your lease has approximately ninety years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for your lease extension to be in place before the term of the current lease falls under eighty years - otherwise a higher amount will be due. Leasehold owners in Killingworth will mostly be legally entitled to a lease extension; however a solicitor should be able confirm if you qualify. In some circumstances you may not be entitled. There are prescribed deadlines and formalities to comply with once the process has started so it’s prudent to be guided by a lawyer during the process.

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

It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years left, the property will be worth the same as a freehold for decades to come.

Lenders may decide not to finance a property with a short lease

Many mortgage lenders will not grant a mortgage on a lease with under seventy years remaining - although this varies from lender to lender. A buyer will undoubtedly encounter difficulties to obtain a mortgage and this will result in your Killingworth property being difficult to dispose of or remortgage.

Get in touch with one of our Killingworth lease extension solicitors or enfranchisement solicitors

The lawyers that we work with handle Killingworth lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Killingworth Lease Extension Example Cases:

Danielle, Killingworth, Tyne And Wear,

In the wake of eight months of lengthy correspondence with the freeholder of her garden flat in Killingworth, Danielle commenced the lease extension process as the 80 year mark was swiftly approaching. The legal work was concluded in March 2010. The freeholder’s costs were kept to an absolute minimum.

Killingworth case:

Last Summer we were e-mailed by Mrs Megan Mason , who acquired a purpose-built apartment in Killingworth in May 1998. We are asked if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Comparative residencies in Killingworth with an extended lease were valued around £257,800. The mid-range amount of ground rent was £65 collected per annum. The lease expired in 2091. Having 65 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £18,100 and £20,800 plus legals.

Killingworth case:

In 2012 we were contacted by Dr Caitlin Roux who, having purchased a studio apartment in Killingworth in January 2001. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year extension to my lease. Identical flats in Killingworth with 100 year plus lease were in the region of £191,400. The mid-range ground rent payable was £55 billed per annum. The lease concluded in 2080. Considering the 54 years unexpired we calculated the compensation to the landlord for the lease extension to be within £34,200 and £39,600 plus expenses.