Kings Lynn leases on domestic deteriorating in value. Where your lease has in the region of 90 years left, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to be in place before the term of the existing lease dips under eighty years - otherwise a higher premium will be due. Flat owners in Kings Lynn will usually qualify for a lease extension; however It would be wise to check with a conveyancer to confirm your eligibility. In some situations you may not be entitled. There are prescribed timetables and formalities to follow once the process has started so it’s sensible to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Kings Lynn with over 100 years outstanding on the lease are often 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 buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| 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. |
The conveyancers that we work with procure Kings Lynn 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 conveyancing solicitor we work with provide it.
Subsequent to unsuccessful discussions with the landlord of her garden flat in Kings Lynn, Harriet commenced the lease extension process just as her lease was nearing the all-important eighty-year deadline. The legal work was finalised in November 2013. The landlord’s charges were negotiated to slightly above 600 GBP.
Mr and Mrs. R Clark moved into a garden apartment in Kings Lynn in November 1996. The dilemma was if we could approximate the premium could be for a ninety year lease extension. Comparable premises in Kings Lynn with an extended lease were valued about £256,600. The mid-range ground rent payable was £60 billed every twelve months. The lease ended in 2077. Considering the 52 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £39,000 and £45,000 not including expenses.
Last year we were called by Mr and Mrs. S Moore , who bought a studio flat in Kings Lynn in July 1999. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by an additional years. Comparable properties in Kings Lynn with an extended lease were worth £218,000. The average ground rent payable was £45 billed yearly. The lease elapsed on 28 September 2088. Considering the 63 years outstanding we estimated the premium to the freeholder for the lease extension to be within £17,100 and £19,800 not including legals.