As the the remaining lease term of a Kirkdale residential lease diminished so does its value and therefore the value of your property. Where the residual term has, in excess of one hundred years remaining then this decrease may be fractional however there will become a point in time when a lease has under than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should consider extending sooner rather than later. The majority of flat owners in Kirkdale will qualify for this right; however a conveyancer should be able to advise whether you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is generally considered that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Santander | |
| TSB | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Kirkdale can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer with experience in this area.
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 Kirkdale lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Noah was the the leasehold owner of a 2 bedroom apartment in Kirkdale being marketed with a lease of a few days over 61 years unexpired. Noah informally spoke with his landlord being a well known London-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Noah to exercise his statutory right. Noah obtained expert legal guidance and secured satisfactory deal without resorting to tribunal and readily saleable.
In 2009 we were phoned by Ms Amy Nguyen who, having moved into a ground floor flat in Kirkdale in February 1999. The dilemma was if we could approximate the price could be to prolong the lease by ninety years. Similar flats in Kirkdale with an extended lease were in the region of £300,000. The mid-range ground rent payable was £50 billed quarterly. The lease ended on 18 January 2101. Taking into account 75 years left we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus legals.
In 2011 we were called by Mr and Mrs. N Martínez who, having bought a studio flat in Kirkdale in June 2002. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by 90 years. Similar premises in Kirkdale with a long lease were in the region of £250,400. The mid-range amount of ground rent was £65 billed monthly. The lease end date was in 2090. Given that there were 64 years remaining we approximated the premium to the landlord for the lease extension to be between £19,000 and £22,000 exclusive of professional charges.