Why you should start your Kirkby lease extension

Why you should start your Kirkby lease extension today:

A Kirkby leasehold property depreciates with the years remaining on the lease.

Kirkby residential property held on a long lease is a wasting asset as the leaseholder only owns the property for a period of years.

An extended lease is almost the same value as a freehold

Leasehold properties in Kirkby with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.

Lending institutions will not lend with a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now want flats to have a minimum of 60 if not 70 years left at the end of the mortgage. As a number of flats in Kirkby were built in the fifties, sixties and seventies this means many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in Kirkby?

Lease extensions in Kirkby can be a difficult process. We recommend you procure professional help from a lawyer and valuer with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Kirkby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Kirkby Lease Extension Example Cases:

James, Kirkby, Merseyside,

James was the the leasehold owner of a 2 bedroom apartment in Kirkby on the market with a lease of a little over 61 years unexpired. James informally approached his landlord being a well known Bristol-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 per annum. Ordinarily, ground rent would not be payable on a lease extension were James to exercise his statutory right. James procured expert legal guidance and was able to make an informed judgement and handle with the matter and sell the flat.

Kirkby case:

Last year we were contacted by Dr V Nelson , who purchased a basement flat in Kirkby in October 2005. The dilemma was if we could shed any light on how much (roughly) premium could be for a ninety year extension to my lease. Identical residencies in Kirkby with an extended lease were in the region of £168,800. The mid-range ground rent payable was £60 collected annually. The lease concluded on 3 March 2081. Considering the 55 years left we estimated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 not including costs.

Kirkby case:

In 2012 we were called by Dr Aarav Stewart who, having acquired a purpose-built flat in Kirkby in July 2012. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Comparative residencies in Kirkby with 100 year plus lease were worth £235,200. The average amount of ground rent was £45 invoiced monthly. The lease expired in 2092. Taking into account 66 years outstanding we estimated the premium to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of fees.