The only way is down when it comes to Kinver lease terms. Kinver properties that have a residual term fewer than eighty years will reduce in market price even faster, and the cost to extend your lease will rise.
Leasehold properties in Kinver with over 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
The lawyers that we work with handle Kinver 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 lawyer we work with provide it.
Last year Jackson, came perilously close to the eighty-year mark with the lease on his purpose- built apartment in Kinver. In buying his home 18 years previously, the lease term was of minimal significance. Luckily, he noticed he would imminently be paying an inflated amount for a lease extension. Jackson was able to extend his lease at the eleventh hour last March. Jackson and the freeholder eventually settled on sum of £5,000 . If he not met the deadline, the price would have increased by a minimum £850.
Dr Madeleine Bennett bought a one bedroom flat in Kinver in January 1997. We are asked if we could approximate the compensation to the landlord could be for a ninety year lease extension. Identical premises in Kinver with a long lease were valued around £176,200. The mid-range amount of ground rent was £65 invoiced monthly. The lease finished in 2081. Having 56 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £29,500 and £34,000 not including costs.
In 2014 we were e-mailed by Dr Abbie Reed who, having completed a basement apartment in Kinver in May 1996. The question was if we could estimate the premium would likely be for a ninety year lease extension. Comparable residencies in Kinver with an extended lease were in the region of £237,600. The mid-range ground rent payable was £45 collected annually. The lease came to a finish in 2092. Considering the 67 years as a residual term we calculated the premium to the landlord for the lease extension to be between £11,400 and £13,200 plus professional charges.