When it comes to long leasehold premises in Kirkby, you are in fact renting it for a certain amount of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may think about a lease extension sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly notably once there are less than eighty years left. Anyone in Kirkby with a lease approaching 81 years left should seriously think of extending it without delay. Once the lease term has under eighty years outstanding, under the relevant statute the freeholder can calculate and demand a greater premium, assessed on a technical computation, known as “marriage value” which is due.
Leasehold residencies in Kirkby with over one hundred years remaining 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 circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Godiva Mortgages | |
| Halifax | |
| TSB |
Lease extensions in Kirkby can be a difficult process. We recommend you procure professional help from a lawyer and surveyor well versed in the legislation and lease extension process.
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 in-depth market knowledge dealing with Kirkby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Owen, started to get near to the eighty-year mark with the lease on his ground floor flat in Kirkby. Having bought his home twenty years previously, the unexpired term was of minimal significance. As luck would have it, he became aware that he needed to take steps soon on Extending the lease. Owen extended the lease at the eleventh hour last January. Owen and the freeholder via the management company subsequently agreed on the final figure of £6,000 . If he not met the deadline, the price would have increased by a minimum £875.
Last Autumn we were contacted by Mr and Mrs. J Mitchell , who was assigned a lease of a one bedroom flat in Kirkby in January 1999. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Identical properties in Kirkby with 100 year plus lease were in the region of £280,000. The mid-range ground rent payable was £55 billed yearly. The lease ran out on 26 January 2104. Considering the 78 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of expenses.
Mr and Mrs. G Miller purchased a basement flat in Kirkby in January 2001. We are asked if we could estimate the price would likely be to extend the lease by 90 years. Similar homes in Kirkby with 100 year plus lease were valued around £186,000. The average ground rent payable was £65 invoiced yearly. The lease concluded on 5 January 2084. Having 58 years remaining we calculated the compensation to the landlord for the lease extension to be between £23,800 and £27,400 exclusive of costs.