The market value of a leasehold property in Kings Norton depends on how long the lease has remaining. If it is close to or fewer than eighty years you should foresee problems on re-sale, so it is recommended to arrange for a lease extension before purchasing. It is preferable to start the lease extension process when a lease still has 82 years unexpired so that all matters can be finalised prior to the eighty year threshold. Statute entitles Kings Norton qualifying lessees to an additional term of 90 years over and above the unexpired term, at a peppercorn rent (no ground rent). The intention of the valuation is to determine the amount payable by the lessee to the freeholder for the purchase of the lease extension.
It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Halifax | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Lease extensions in Kings Norton can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 in-depth market knowledge procuring Kings Norton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Sebastian, came critically close to the 80-year mark with the lease on his two bedroom flat in Kings Norton. In buying his home two decades ago, the unexpired term was of little importance. Fortunately, he became aware that he would imminently be paying an inflated amount for a lease extension. Sebastian was able to extend his lease just under the wire in July. Sebastian and the freeholder eventually settled on the final figure of £5,500 . If he failed to meet the deadline, the figure would have gone up by at least £1,150.
Last Winter we were contacted by Mr A Evans , who took over the lease of a studio flat in Kings Norton in April 2011. We are asked if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Identical premises in Kings Norton with a long lease were in the region of £200,000. The average amount of ground rent was £50 invoiced every twelve months. The lease termination date was on 14 November 2103. Considering the 77 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 plus expenses.
Dr Jake Cox completed a garden apartment in Kings Norton in September 2007. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by ninety years. Comparative residencies in Kings Norton with an extended lease were in the region of £260,200. The mid-range amount of ground rent was £65 collected every twelve months. The lease terminated in 2092. Taking into account 66 years remaining we approximated the premium to the landlord to extend the lease to be within £15,200 and £17,600 not including fees.