Owning a apartment usually means owning a lease of the property, which has a set term of years. The lease will normally be granted for a prescribed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Kirk Ella. Clearly, the period of lease remaining shortens as time goes by. This may slip by relatively unnoticed when the residence needs to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Qualifying leaseholders in Kirk Ella have the right to extend the lease for a further ninety years under Leasehold Reform legislation. Do give careful attention before putting off your Kirk Ella lease extension. Putting off that expense now only increases the price you will eventually incur to extend your lease
Leasehold properties in Kirk Ella with over 100 years outstanding 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 home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Halifax | |
| Santander | |
| The Mortgage Works |
Irrespective of whether you are a tenant or a landlord in Kirk Ella,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Kirk Ella valuers.
Last October Charlie, started to get near to the eighty-year threshold with the lease on his two bedroom apartment in Kirk Ella. Having bought his home two decades ago, the unexpired term was of little interest. by good luck, he noticed he needed to take action soon on a lease extension. Charlie was able to extend his lease just under the wire in July. Charlie and the freeholder subsequently settled on an amount of £5,500 . If he failed to meet the deadline, the premium would have gone up by at least £1,075.
In 2010 we were contacted by Mr and Mrs. O Pérez who, having bought a recently refurbished flat in Kirk Ella in August 2010. We are asked if we could estimate the premium could be to prolong the lease by 90 years. Comparative homes in Kirk Ella with 100 year plus lease were worth £200,800. The average ground rent payable was £65 invoiced monthly. The lease concluded on 11 January 2086. Given that there were 60 years remaining we calculated the premium to the freeholder for the lease extension to be between £20,900 and £24,200 not including costs.
Mr N Mitchell completed a ground floor apartment in Kirk Ella in March 2011. We are asked if we could approximate the premium would be for a 90 year lease extension. Similar properties in Kirk Ella with an extended lease were valued around £255,000. The average amount of ground rent was £50 invoiced every twelve months. The lease concluded on 20 September 2097. Considering the 71 years left we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus costs.