Why you should commence your Kirkby in Ashfield lease extension

Main reasons to start your Kirkby in Ashfield lease extension today:

Increase your lease and increase your Kirkby in Ashfield property value

Unfortunately that a Kirkby in Ashfield residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Kirkby in Ashfield property prices.Once your lease nears 85ish years, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls lower than 80 years - otherwise a higher premium will be due. The majority of flat owners in Kirkby in Ashfield will be able to extend under the legislation; however a lawyer should be able to clarify if you are eligibility. In some situations you may not qualify. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the process.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders may decide not to lend on a short lease

Lenders are tightening their criteria and a meaningful number now want flats to have at least sixty if not seventy years remaining at the end of the mortgage. As a number of flats in Kirkby in Ashfield were created in the fifties, sixties and seventies this means many now need to be extended if they wish to obtain a mortgage.

Why use us for your lease extension in Kirkby in Ashfield?

Engaging our service will provide you increased control over the value of your Kirkby in Ashfield leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Kirkby in Ashfield Lease Extension Example Cases:

Yasmin, Kirkby in Ashfield, Nottinghamshire,

Off the back of protracted discussions with the freeholder of her two bedroom apartment in Kirkby in Ashfield, Yasmin started the lease extension process as the 80 year deadline was fast approaching. The transaction was concluded in February 2013. The freeholder’s costs were kept to an absolute minimum.

Kirkby in Ashfield case:

Mrs Georgia Young acquired a purpose-built apartment in Kirkby in Ashfield in June 1996. The dilemma was if we could approximate the price would be for a 90 year lease extension. Comparative residencies in Kirkby in Ashfield with a long lease were valued around £203,200. The average ground rent payable was £65 collected annually. The lease concluded in 2087. Considering the 61 years outstanding we calculated the premium to the freeholder to extend the lease to be within £19,000 and £22,000 plus legals.

Kirkby in Ashfield case:

Mrs Maisie Michel was assigned a lease of a garden flat in Kirkby in Ashfield in August 2010. The question was if we could approximate the price would likely be to prolong the lease by 90 years. Identical properties in Kirkby in Ashfield with 100 year plus lease were valued around £260,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease lapsed in 2097. Considering the 71 years remaining we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including fees.