The nearer a residential lease in Kingstanding nears to zero years unexpired, the more it reduces the value of the property. If the lease has, in excess of 99 years remaining then this decrease may be negligible nevertheless there will become a point in time when a lease has under than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should consider extending without delay. Most flat owners in Kingstanding will meet the qualifying criteria; however a conveyancing solicitor will be able to advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold residencies in Kingstanding with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea 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. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Kingstanding can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer 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 in-depth market knowledge procuring Kingstanding lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of unsuccessful correspondence with the landlord of her studio flat in Kingstanding, Chantelle commenced the lease extension process just as her lease was coming close to the critical 80-year deadline. The lease extension was concluded in November 2014. The landlord’s fees were negotiated to below 500 pounds.
Ms C Edwards completed a first floor apartment in Kingstanding in January 2006. We are asked if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Similar homes in Kingstanding with a long lease were in the region of £267,600. The average ground rent payable was £65 collected monthly. The lease came to a finish in 2092. Considering the 67 years unexpired we calculated the premium to the landlord to extend the lease to be between £14,300 and £16,400 not including legals.
Mr D Howard moved into a garden flat in Kingstanding in November 2007. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Similar residencies in Kingstanding with 100 year plus lease were valued about £206,200. The average ground rent payable was £55 billed monthly. The lease concluded on 2 May 2081. Taking into account 56 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 plus expenses.