There is no doubt about it a leasehold flat or house in Kirk Ella is a wasting asset as a result of the shortening lease. If the lease has, more than 125 years to run then this decrease may be negligible however there will become a stage when a lease has less than 80 years left 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. Many flat owners in Kirk Ella will meet the qualifying criteria; however a conveyancing solicitor can advise whether you are eligible to extend your lease. 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 Kirk Ella with more than one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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 |
Lease extensions in Kirk Ella can be a difficult process. We recommend you secure guidance from a lawyer and surveyor 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 a wealth of experience dealing with Kirk Ella lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Michael owned a conversion flat in Kirk Ella on the market with a lease of a few days over fifty eight years outstanding. Michael on an informal basis contacted his landlord being a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Michael to invoke his statutory right. Michael procured expert legal guidance and secured satisfactory deal informally and readily saleable.
Last year we were approach by Ms F Adams , who bought a garden flat in Kirk Ella in September 2000. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year extension to my lease. Comparable premises in Kirk Ella with a long lease were worth £270,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease expired in 2099. Considering the 74 years unexpired we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including fees.
Last Christmas we were approach by Ms T Allen , who moved into a newly refurbished flat in Kirk Ella in April 2004. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Similar premises in Kirk Ella with a long lease were worth £166,400. The mid-range ground rent payable was £60 collected per annum. The lease finished in 2079. Having 54 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £32,300 and £37,400 not including expenses.