Kirkby leases on domestic deteriorating in value. if your lease has approximately ninety years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you begin paying an additional element called marriage value. Leasehold owners in Kirkby will usually qualify for a lease extension; however a solicitor should be able check if you qualify. In some situations you may not qualify. There are also strict timetables and formalities to follow once the process is initiated so it’s prudent to be guided by a conveyancer during the process.
Leasehold properties in Kirkby with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| Halifax | |
| Leeds Building Society | |
| Virgin |
Engaging our service will provide you increased control over the value of your Kirkby leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
After lengthy correspondence with the freeholder of her first floor flat in Kirkby, Mollie commenced the lease extension process as the 80 year threshold was swiftly approaching. The transaction was finalised in January 2012. The landlord’s fees were restricted to under 650 pounds.
Last year we were phoned by Mrs L Rogers , who was assigned a lease of a ground floor flat in Kirkby in June 2010. The dilemma was if we could shed any light on how much (roughly) premium would likely be to extend the lease by ninety years. Comparative flats in Kirkby with an extended lease were valued around £218,000. The mid-range amount of ground rent was £45 collected monthly. The lease concluded in 2089. Having 63 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £17,100 and £19,800 exclusive of professional charges.
In 2014 we were phoned by Mr and Mrs. K David who, having took over the lease of a first floor flat in Kirkby in July 2004. We are asked if we could approximate the premium would be for a ninety year extension to my lease. Comparable flats in Kirkby with 100 year plus lease were in the region of £265,000. The average amount of ground rent was £55 invoiced quarterly. The lease finished in 2100. Given that there were 74 years left we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including legals.