Top reasons for Kirkby Lonsdale lease extension

Main reasons to start your Kirkby Lonsdale lease extension today:

Increase your lease and increase your Kirkby Lonsdale property value

The market value of Kirkby Lonsdale leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase substantially once the remaining term is below than 80 years

Kirkby Lonsdale property with a lease extension is almost the same value as a freehold

Leasehold properties in Kirkby Lonsdale with in excess of one hundred 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 premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Mortgage lenders may decide not to finance a property on a short lease

Mortgage lenders have set criteria when lending monies charged on leasehold homes. Some will simply not lend at all once an unexpired lease term falls under a specified unexpired lease term. Many Mortgage lenders will not regard property with an unexpired term of less than seventy years suitable security. In addition to this being important when selling, it is also relevant where you are wanting to remortgage your Kirkby Lonsdale home.

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

Irrespective of whether you are a tenant or a freeholder in Kirkby Lonsdale,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Kirkby Lonsdale valuers.

Kirkby Lonsdale Lease Extension Case Studies:

Logan, Kirkby Lonsdale, Cumbria,

Logan owned a 2 bedroom apartment in Kirkby Lonsdale being marketed with a lease of a few days over 59 years outstanding. Logan on an informal basis spoke with his freeholder being a well known local-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 yearly. No ground rent would be due on a lease extension were Logan to invoke his statutory right. Logan procured expert legal guidance and secured an acceptable deal without going to tribunal and ending up with a market value flat.

Kirkby Lonsdale case:

Dr Eliot Bertrand completed a newly refurbished apartment in Kirkby Lonsdale in April 2007. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Comparable premises in Kirkby Lonsdale with an extended lease were valued about £260,000. The average ground rent payable was £50 collected per annum. The lease elapsed on 12 January 2098. Considering the 72 years left we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus legals.

Kirkby Lonsdale case:

Mr and Mrs. A Phillips owned a basement flat in Kirkby Lonsdale in January 2011. We are asked if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Identical homes in Kirkby Lonsdale with a long lease were in the region of £256,600. The mid-range amount of ground rent was £60 billed quarterly. The lease lapsed on 11 January 2078. Taking into account 52 years unexpired we estimated the premium to the freeholder for the lease extension to be between £39,000 and £45,000 exclusive of professional charges.