Main reasons to start your Kingsthorpe lease extension

Main reasons to commence your Kingsthorpe lease extension today:

Increase your lease and increase your Kingsthorpe property value

The market value of Kingsthorpe leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate materialy once the unexpired lease term is below than eighty years

Kingsthorpe property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may not grant a mortgage with a short lease

Nearly all banks and building societies will be unwilling to grant a mortgage on a lease with less than 70 years left to run - although this varies between mortgage companies. A purchaser will no doubt find it difficult to obtain a mortgage and this could result in your Kingsthorpe property being difficult to sell or refinance.

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

The conveyancers that we work with undertake Kingsthorpe 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.

Kingsthorpe Lease Extension Example Cases:

John, Kingsthorpe, Northamptonshire,

John was the the leasehold owner of a conversion apartment in Kingsthorpe being marketed with a lease of a few days over sixty years unexpired. John informally approached his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were John to exercise his statutory right. John procured expert advice and secured satisfactory resolution informally and sell the flat.

Kingsthorpe case:

Dr V Phillips took over the lease of a one bedroom flat in Kingsthorpe in January 1995. We are asked if we could approximate the price could be for a 90 year extension to my lease. Similar residencies in Kingsthorpe with an extended lease were in the region of £250,000. The average ground rent payable was £50 collected monthly. The lease concluded in 2096. Given that there were 70 years outstanding we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including costs.

Kingsthorpe case:

Dr H Roux purchased a ground floor apartment in Kingsthorpe in September 2004. We are asked if we could approximate the price would be for a 90 year lease extension. Similar flats in Kingsthorpe with a long lease were worth £246,800. The mid-range ground rent payable was £60 invoiced monthly. The lease expired on 13 March 2076. Given that there were 50 years remaining we approximated the premium to the landlord for the lease extension to be between £44,700 and £51,600 not including costs.