The only way is down when it comes to Knaphill lease terms. Knaphill flats that have a remaining term fewer than 80 years will de-escalate in value at a rapid rate, and the cost of extending your lease will increase.
It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Nationwide Building Society |
Regardless of whether you are a tenant or a landlord in Knaphill,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Knaphill valuers.
Last year Jayden, started to get near to the 80-year mark with the lease on his basement apartment in Knaphill. Having purchased his property two decades ago, the length of the lease was of no significance. As luck would have it, he became aware that he needed to take action soon on Extending the lease. Jayden arranged for a lease extension just under the wire in September. Jayden and the landlord who owned the flat above ultimately agreed on sum of £5,500 . If he not met the deadline, the sum would have gone up by at least £975.
Mr and Mrs. B Flores acquired a recently refurbished flat in Knaphill in June 1998. The question was if we could estimate the compensation to the landlord would be to extend the lease by ninety years. Comparable flats in Knaphill with 100 year plus lease were in the region of £193,400. The mid-range amount of ground rent was £65 invoiced yearly. The lease concluded on 7 November 2085. Having 59 years unexpired we approximated the premium to the landlord for the lease extension to be between £21,900 and £25,200 exclusive of professional charges.
In 2013 we were phoned by Mr and Mrs. J Campbell who, having bought a one bedroom flat in Knaphill in November 2009. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by a further 90 years. Identical homes in Knaphill with a long lease were in the region of £255,000. The average ground rent payable was £50 invoiced every twelve months. The lease came to a finish in 2096. Having 70 years outstanding we estimated the premium to the landlord to extend the lease to be within £10,500 and £12,000 exclusive of legals.