The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Kings Norton have the right to extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. Do think carefully before delaying your Kings Norton lease extension. Putting off the costs now simply increases the amount you will eventually be required to pay to extend the lease.
Leasehold premises in Kings Norton with in excess of one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Santander |
Lease extensions in Kings Norton can be a difficult process. We recommend you obtain guidance from a lawyer 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 dealing with 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.
Half a year ago Ibrahim, came critically close to the eighty-year threshold with the lease on his purpose- built flat in Kings Norton. Having bought his home 18 years previously, the unexpired term was of little bearing. Luckily, he recognised he would imminently be paying an inflated amount for Extending the lease. Ibrahim extended the lease just under the wire in August. Ibrahim and the landlord eventually agreed on sum of £6,000 . If the lease had dropped to less than eighty years, the figure would have become more exhorbitant by a minimum £1,000.
Mr Oliver Jones completed a garden flat in Kings Norton in July 2007. The question was if we could estimate the premium could be for a ninety year extension to my lease. Comparative residencies in Kings Norton with 100 year plus lease were in the region of £208,600. The average amount of ground rent was £60 invoiced every twelve months. The lease termination date was on 3 October 2083. Taking into account 57 years outstanding we estimated the premium to the landlord for the lease extension to be between £30,400 and £35,200 not including professional charges.
Mr and Mrs. H Clark bought a first floor flat in Kings Norton in January 1998. The question was if we could approximate the premium would likely be for a 90 year extension to my lease. Similar premises in Kings Norton with an extended lease were in the region of £200,000. The average ground rent payable was £50 billed yearly. The lease lapsed on 15 July 2103. Taking into account 77 years remaining we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including professional charges.