The market value of Kingstanding leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase substantially once the unexpired lease term is below than eighty years
It is generally considered that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Halifax | |
| The Mortgage Works | |
| Virgin |
Lease extensions in Kingstanding can be a difficult process. We recommend you get professional help from a lawyer and valuer 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 Kingstanding lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted discussions with the freeholder of her basement apartment in Kingstanding, Millie started the lease extension process as the eighty year threshold was rapidly approaching. The lease extension completed in May 2015. The freeholder’s fees were kept to an absolute minimum.
In 2011 we were phoned by Mr and Mrs. A Pérez who, having acquired a basement flat in Kingstanding in November 2010. We are asked if we could approximate the premium would likely be for a 90 year lease extension. Comparable properties in Kingstanding with 100 year plus lease were worth £240,600. The average ground rent payable was £60 collected per annum. The lease terminated in 2088. Taking into account 62 years outstanding we calculated the premium to the freeholder for the lease extension to be within £21,900 and £25,200 plus professional charges.
Last Autumn we were phoned by Mr and Mrs. P Moreau , who owned a one bedroom apartment in Kingstanding in November 1998. We are asked if we could estimate the premium could be to prolong the lease by ninety years. Comparative residencies in Kingstanding with a long lease were valued around £174,200. The mid-range ground rent payable was £55 collected annually. The lease lapsed on 18 March 2077. Given that there were 51 years outstanding we calculated the premium to the landlord for the lease extension to be within £31,400 and £36,200 exclusive of professional charges.