Main reasons to commence your Kirkwhelpington lease extension

Why you should start your Kirkwhelpington lease extension today:

Increase your lease and increase your Kirkwhelpington property value

Unfortunately that a Kirkwhelpington residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the first few years due to the reduction being disguised by increases in the Kirkwhelpington property prices.Where your lease has approximately ninety years left, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips below 80 years - otherwise a higher amount will be due. Most flat owners in Kirkwhelpington will be able to extend under the legislation; however a conveyancer should be able to clarify if you qualify for an extension. In some situations you may not be entitled. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your lawyer from beginning to end of the formalities.

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

It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not lend on a short lease

Nearly all banks and building societies will be unwilling to lend on a lease with under seventy years remaining - although this varies between mortgage companies. A buyer will likely encounter difficulties to obtain a mortgage and this could result in your Kirkwhelpington property becoming difficult to sell or to obtain finance on.

Get in touch with one of our Kirkwhelpington lease extension solicitors or enfranchisement solicitors

The lawyers that we work with procure Kirkwhelpington lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Kirkwhelpington Lease Extension Case Summaries:

Sarah, Kirkwhelpington, Northumberland,

Off the back of lengthy correspondence with the freeholder of her purpose-built flat in Kirkwhelpington, Sarah started the lease extension process as the 80 year deadline was quickly nearing. The legal work completed in September 2011. The landlord’s fees were restricted to under 700 pounds.

Kirkwhelpington case:

In 2014 we were approached by Dr L Rogers who, having purchased a garden apartment in Kirkwhelpington in February 2005. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Identical homes in Kirkwhelpington with 100 year plus lease were worth £242,600. The average ground rent payable was £45 collected yearly. The lease elapsed on 2 October 2093. Having 67 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £11,400 and £13,200 not including legals.

Kirkwhelpington case:

In 2012 we were contacted by Dr V François who, having purchased a one bedroom apartment in Kirkwhelpington in May 1998. The dilemma was if we could shed any light on how much (roughly) premium would be to prolong the lease by 90 years. Identical residencies in Kirkwhelpington with an extended lease were valued around £280,000. The mid-range amount of ground rent was £55 billed monthly. The lease expired on 22 May 2104. Considering the 78 years as a residual term we calculated the premium to the landlord for the lease extension to be between £13,300 and £15,400 plus costs.