Main reasons to commence your Knaphill lease extension

Why you should commence your Knaphill lease extension today:

A Knaphill leasehold property depreciates with the years remaining on the lease.

It’s an underpublicised certainty that a Knaphill residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Knaphill property prices.Where your lease has approximately 90 years left, you should start thinking about 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 slips under 80 years - otherwise a higher amount will be payable. Most leasehold owners in Knaphill will be able to extend under the legislation; however a conveyancing solicitor will be able to clarify if you qualify for an extension. In some situations you may not qualify. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your lawyer throughout the formalities.

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

Leasehold properties in Knaphill with more than 100 years outstanding 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 home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Mortgage lenders will not loan monies on a short lease

Banks and building societies do not like short residential leases. You most probably encounter problems where you wish to sell your flat in Knaphill if the unexpired lease term is under the criteria set by the majority of banks and building societies. Different mortgage companies have varying requirements but generally theyrequire an unexpired term of at least seventy years.

Why use us for your lease extension in Knaphill?

Engaging our service will provide you better control over the value of your Knaphill leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Knaphill Lease Extension Example Cases:

Niamh, Knaphill, Surrey,

Subsequent to unsuccessful negotiations with the landlord of her two bedroom apartment in Knaphill, Niamh commenced the lease extension process just as her lease was nearing the critical 80-year threshold. The lease extension was finalised in September 2011. The landlord’s costs were kept to an absolute minimum.

Knaphill case:

In 2011 we were e-mailed by Ms Abigail Bonnet who, having acquired a ground floor apartment in Knaphill in July 2008. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Comparative residencies in Knaphill with a long lease were worth £280,000. The average ground rent payable was £55 invoiced monthly. The lease terminated in 2104. Given that there were 78 years outstanding we approximated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 plus professional charges.

Knaphill case:

Ms N Scott purchased a recently refurbished flat in Knaphill in May 2011. The dilemma was if we could shed any light on how much (roughly) price would likely be to extend the lease by ninety years. Identical properties in Knaphill with a long lease were in the region of £191,000. The mid-range ground rent payable was £65 billed yearly. The lease concluded on 24 May 2084. Given that there were 58 years outstanding we approximated the premium to the landlord for the lease extension to be between £23,800 and £27,400 exclusive of costs.