Why you should start your Kirkby in Ashfield lease extension

Top reasons for lease extension now:

Increase your lease and increase your Kirkby in Ashfield property value

The only way is down when it comes to Kirkby in Ashfield lease terms. Kirkby in Ashfield flats that have a lease term lower than 80 years will reduce in market price at a rapid rate, and the cost of extending your lease will rise.

An extended lease is almost the same value as a freehold

Leasehold premises in Kirkby in Ashfield with in excess of 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders will not lend with a short lease

Many banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will consider providing a mortgage on it. Even if you don't need a mortgage, you should be conscious that it is reasonable to assume that someone wanting to buy your property in the future might well do, so in the event that they are not able to secure a mortgage, then the financial worth of the property will likely be adversely impacted. Since 2008 most mortgage lenders have increased the required minimum lease length that they are willing to lend on

What makes us experts in Kirkby in Ashfield lease extensions?

Irrespective of whether you are a tenant or a landlord in Kirkby in Ashfield,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Kirkby in Ashfield valuers.

Kirkby in Ashfield Lease Extension Case Summaries:

Jamie, Kirkby in Ashfield, Nottinghamshire,

Jamie was the the leasehold owner of a conversion flat in Kirkby in Ashfield being sold with a lease of a little over 72 years outstanding. Jamie on an informal basis contacted his freeholder being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £100 per annum. Ordinarily, ground rent would not be due on a lease extension were Jamie to invoke his statutory right. Jamie procured expert legal guidance and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Kirkby in Ashfield case:

Dr Daniel Simon acquired a garden flat in Kirkby in Ashfield in January 2000. The dilemma was if we could approximate the premium could be to prolong the lease by a further 90 years. Identical residencies in Kirkby in Ashfield with an extended lease were worth £285,000. The average ground rent payable was £55 billed quarterly. The lease ran out on 21 October 2106. Given that there were 80 years left we estimated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 not including professional charges.

Kirkby in Ashfield case:

Dr A López bought a one bedroom apartment in Kirkby in Ashfield in October 2012. The question was if we could estimate the premium could be for a 90 year lease extension. Comparable premises in Kirkby in Ashfield with 100 year plus lease were in the region of £198,400. The mid-range ground rent payable was £65 invoiced quarterly. The lease end date was in 2085. Given that there were 59 years remaining we calculated the premium to the freeholder for the lease extension to be within £21,900 and £25,200 plus professional charges.