Why you should start your Kirkstall lease extension

Why you should start your Kirkstall lease extension today:

Increase your lease and increase your Kirkstall property value

Owning a flat usually means owning a lease of the property, which has a set term of years. The lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Kirkstall. Clearly, the length of lease left reduces as time goes by. This may pass by relatively unnoticed when the residence has to be sold or refinanced. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Qualifying leaseholders in Kirkstall have the legal entitlement to extend the lease for an additional ninety years under statute. Do give due consideration before delaying your Kirkstall lease extension. Holding off the cost now simply increases the price you will eventually have to pay for a lease extension

Kirkstall property with a lease extension is almost the same value as a freehold

Leasehold properties in Kirkstall with in excess of 100 years remaining on the lease are sometimes referred to as ‘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 to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lenders will not loan monies on a short lease

Many mortgage lenders will not lend on a lease with under seventy years left to run - although this varies between mortgage companies. A buyer will undoubtedly encounter difficulties in obtaining a mortgage and this could result in your Kirkstall property becoming difficult to sell or to obtain finance on.

What makes us experts in Kirkstall lease extensions?

Irrespective of whether you are a tenant or a landlord in Kirkstall,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Kirkstall valuers.

Kirkstall Lease Extension Example Cases:

Rachael, Kirkstall, Leeds,

Trailing unsuccessful correspondence with the freeholder of her purpose-built flat in Kirkstall, Rachael initiated the lease extension process as the 80 year mark was fast advancing. The legal work completed in May 2009. The freeholder’s fees were kept to an absolute minimum.

Kirkstall case:

Mr and Mrs. N López completed a one bedroom flat in Kirkstall in September 1997. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Similar properties in Kirkstall with a long lease were worth £183,600. The mid-range amount of ground rent was £65 billed per annum. The lease terminated in 2083. Taking into account 57 years outstanding we estimated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 exclusive of professional charges.

Kirkstall case:

Mr and Mrs. S Hernández acquired a basement apartment in Kirkstall in April 2005. The dilemma was if we could approximate the price would be to prolong the lease by 90 years. Comparable flats in Kirkstall with an extended lease were valued around £250,000. The mid-range ground rent payable was £50 collected every twelve months. The lease ran out in 2094. Given that there were 68 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.