Kirkby In Furness Lease Extension - Free Consultation

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Why you should commence your Kirkby In Furness lease extension


Main reasons to start your Kirkby In Furness lease extension today:

Increase your lease and increase your Kirkby In Furness property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Kirkby In Furness. Clearly, the term of lease remaining reduces as time goes by. This is often overlooked and only raises itself as an issue when the flat or house needs to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Eligible leaseholders in Kirkby In Furness have the right to extend the lease for an additional 90 years under Leasehold Reform legislation. Do give due attention before delaying your Kirkby In Furness lease extension. Putting off that expense now simply increases the price you will ultimately incur to extend your lease

An extended lease has roughly the same value as a freehold

Leasehold properties in Kirkby In Furness with over 100 years remaining 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 service charges merit it.

Banks and Building Societies may not loan monies with a short lease

Most mortgage lenders will be unwilling to lend on a lease with less than seventy years remaining - although this varies from lender to lender. A purchaser will undoubtedly find it difficult to obtain a mortgage and this could result in your Kirkby In Furness property being difficult to dispose of or to obtain finance on.

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.
Halifax 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
Royal Bank of Scotland Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.

Get in touch with one of our Kirkby In Furness lease extension solicitors or enfranchisement solicitors

The lawyers that we work with handle Kirkby In Furness 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 conveyancer we work with provide it.

Kirkby In Furness Lease Extension Case Studies:

Aarav, Kirkby In Furness, Cumbria

Last October Aarav, came dangerously near to the eighty-year threshold with the lease on his leasehold flat in Kirkby In Furness. In buying his property two decades ago, the unexpired term was of minimal relevance. by good luck, he became aware that he would imminently be paying an escalated premium for Extending the lease. Aarav extended the lease at the eleventh hour in June. Aarav and the landlord subsequently agreed on a premium of £5,500 . If he not met the deadline, the price would have escalated by at least £1,150.

Kirkby In Furness case:

Last Winter we were approach by Mr William García , who moved into a purpose-built flat in Kirkby In Furness in July 1996. We are asked if we could estimate the compensation to the landlord could be for a 90 year lease extension. Identical residencies in Kirkby In Furness with an extended lease were worth £166,400. The mid-range ground rent payable was £60 invoiced per annum. The lease expiry date was in 2076. Considering the 54 years outstanding we calculated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 plus professional charges.

Kirkby In Furness case:

Last month we were contacted by Mr and Mrs. A James , who moved into a one bedroom apartment in Kirkby In Furness in September 1999. We are asked if we could shed any light on how much (roughly) price would likely be to extend the lease by a further 90 years. Similar flats in Kirkby In Furness with an extended lease were worth £227,800. The mid-range amount of ground rent was £45 collected every twelve months. The lease expired on 5 July 2087. Given that there were 65 years outstanding we calculated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 plus expenses.