Top reasons for Kirkbymoorside lease extension

Main reasons to commence your Kirkbymoorside lease extension today:

Increase your lease and increase your Kirkbymoorside property value

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Kirkbymoorside may extend the lease for a further ninety years in accordance with statute. Please give careful consideration before delaying your Kirkbymoorside lease extension. Putting off the costs today simply increases the premium you will eventually have to pay to extend the lease.

Kirkbymoorside property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

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

The propensity since the credit crunch has been for banks to tighten lending requirements generally - this has extended to the property over which the home loan is to be granted. This has meant the unexpired lease term required by lenders has increased. In the past mortgage companies would grant a mortgage on a lease with twenty years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

What makes us experts in Kirkbymoorside lease extensions?

Using our service gives you enhanced control over the value of your Kirkbymoorside leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Kirkbymoorside Lease Extension Case Summaries:

Freddie, Kirkbymoorside, North Yorkshire,

Freddie owned a 2 bedroom apartment in Kirkbymoorside on the market with a lease of a little over 59 years left. Freddie on an informal basis contacted his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 per annum. No ground rent would be due on a lease extension were Freddie to invoke his statutory right. Freddie obtained expert legal guidance and was able to make a more informed decision and deal with the matter and sell the flat.

Kirkbymoorside case:

Ms Tia Evans owned a ground floor apartment in Kirkbymoorside in March 2006. The dilemma was if we could estimate the premium could be for a ninety year extension to my lease. Comparative flats in Kirkbymoorside with an extended lease were worth £200,000. The average amount of ground rent was £50 billed annually. The lease lapsed in 2103. Given that there were 77 years remaining we estimated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including legals.

Kirkbymoorside case:

Mr and Mrs. F Jackson took over the lease of a first floor apartment in Kirkbymoorside in May 2009. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Comparable homes in Kirkbymoorside with an extended lease were worth £260,200. The mid-range amount of ground rent was £65 billed annually. The lease expired on 14 February 2092. Having 66 years unexpired we approximated the premium to the freeholder for the lease extension to be within £15,200 and £17,600 plus legals.