Kimbolton leases on residential deteriorating in value. if your lease has about 90 years left, you should start considering the need for a lease extension. If lease term falls under eighty years, you will then have to pay half of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Kimbolton will mostly qualify for a lease extension; however a solicitor will confirm your eligibility. In certain circumstances you may not qualify. There are prescribed deadlines and procedures to follow once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold properties in Kimbolton with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Using our service gives you enhanced control over the value of your Kimbolton leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
After protracted discussions with the freeholder of her basement flat in Kimbolton, Caitlin commenced the lease extension process just as her lease was approaching the critical eighty-year mark. The legal work completed in July 2010. The landlord’s charges were negotiated to less than 500 GBP.
Last Spring we were e-mailed by Dr Harvey Clarke , who took over the lease of a first floor flat in Kimbolton in October 2004. The dilemma was if we could estimate the price would be to prolong the lease by 90 years. Identical flats in Kimbolton with a long lease were valued around £191,400. The average ground rent payable was £55 invoiced annually. The lease terminated on 9 May 2079. Taking into account 54 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £34,200 and £39,600 not including expenses.
Mr and Mrs. A Williams moved into a one bedroom apartment in Kimbolton in July 2002. The dilemma was if we could approximate the premium would likely be to extend the lease by an additional years. Similar premises in Kimbolton with 100 year plus lease were in the region of £295,000. The mid-range amount of ground rent was £45 billed yearly. The lease end date was in 2099. Taking into account 74 years left we approximated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of costs.