The closer a residential lease in Kings Norton gets to zero years unexpired, the more it reduces the value of the property. If the lease has, in excess of 99 years to run then this decrease may be fractional however there will become a point in time when a lease has under than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should extend the lease sooner than later. The majority of flat owners in Kings Norton will meet the qualifying criteria; however a conveyancing solicitor should be able to advise if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold properties in Kings Norton with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Halifax | |
| National Westminster Bank | |
| Skipton Building Society | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Retaining our service will provide you enhanced control over the value of your Kings Norton leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of eight months of lengthy discussions with the freeholder of her purpose-built flat in Kings Norton, Kate started the lease extension process just as her lease was nearing the crucial 80-year mark. The transaction completed in August 2009. The landlord’s costs were negotiated to below 500 GBP.
Dr U Moore completed a garden flat in Kings Norton in May 2005. We are asked if we could estimate the price would likely be to prolong the lease by ninety years. Comparable flats in Kings Norton with an extended lease were worth £275,000. The mid-range ground rent payable was £45 billed monthly. The lease expired on 9 January 2095. Having 69 years as a residual term we estimated the premium to the landlord to extend the lease to be between £12,400 and £14,200 plus costs.
In 2011 we were called by Mr and Mrs. R Bonnet who, having acquired a ground floor flat in Kings Norton in February 1996. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by an additional years. Comparable residencies in Kings Norton with 100 year plus lease were valued around £216,000. The mid-range ground rent payable was £60 collected quarterly. The lease finished on 1 August 2084. Having 58 years outstanding we approximated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 not including expenses.