Knottingley leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Most owners of residential leasehold property in Knottingley enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Knottingley you should see if your lease has between seventy and ninety years left. There are good reasons why a Knottingley flat owner with a lease having around eighty years left should take action to make sure that a lease extension is put in place without delay
Leasehold residencies in Knottingley with in excess of 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Leeds Building Society | |
| National Westminster Bank | |
| Royal Bank of Scotland |
Lease extensions in Knottingley can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor with experience in lease extensions.
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 Knottingley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Oscar was the the leasehold owner of a high value flat in Knottingley being sold with a lease of a little over 59 years left. Oscar on an informal basis spoke with his landlord being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £100 per annum. No ground rent would be payable on a lease extension were Oscar to exercise his statutory right. Oscar procured expert legal guidance and was able to make an informed judgement and handle with the matter and ending up with a market value flat.
Ms W Reed was assigned a lease of a purpose-built flat in Knottingley in May 2000. We are asked if we could estimate the price would be for a 90 year lease extension. Identical premises in Knottingley with 100 year plus lease were worth £275,000. The average amount of ground rent was £55 invoiced every twelve months. The lease terminated on 23 November 2103. Considering the 77 years outstanding we calculated the premium to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of fees.
Last Winter we were contacted by Mr and Mrs. V Mitchell , who was assigned a lease of a garden flat in Knottingley in March 2012. We are asked if we could approximate the price would be for a ninety year lease extension. Comparable residencies in Knottingley with 100 year plus lease were worth £183,600. The average ground rent payable was £65 billed annually. The lease concluded on 26 August 2083. Taking into account 57 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 exclusive of legals.