Kimbolton leases on domestic properties are gradually losing value. if your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you begin paying an additional element called marriage value. Flat owners in Kimbolton will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to check your eligibility. In certain situations you may not be entitled. There are also strict deadlines and formalities to comply with once the process has commenced so it’s wise to be guided by a conveyancer during the process.
It is generally accepted that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| Nationwide Building Society | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Kimbolton can be a difficult process. We recommend you get professional help from a lawyer and valuer with experience in lease extensions.
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 in-depth market knowledge dealing with Kimbolton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Luke, started to get close to the eighty-year mark with the lease on his first floor apartment in Kimbolton. Having purchased his flat two decades ago, the length of the lease was of no bearing. Thankfully, he realised he needed to take steps soon on Extending the lease. Luke arranged for a lease extension at the eleventh hour in January. Luke and the freeholder eventually settled on an amount of £6,000 . If he had missed the deadline, the figure would have escalated by at least £1,000.
In 2013 we were called by Mrs Francesca Adams who, having acquired a basement flat in Kimbolton in February 2005. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable premises in Kimbolton with a long lease were in the region of £233,200. The average ground rent payable was £60 invoiced every twelve months. The lease lapsed on 21 January 2087. Considering the 61 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £22,800 and £26,400 not including costs.
Mrs Katherine Stewart moved into a purpose-built flat in Kimbolton in March 2009. We are asked if we could estimate the premium would be for a ninety year lease extension. Comparative properties in Kimbolton with an extended lease were in the region of £171,800. The mid-range amount of ground rent was £55 collected every twelve months. The lease finished on 17 April 2076. Given that there were 50 years remaining we approximated the premium to the freeholder for the lease extension to be between £33,300 and £38,400 not including fees.