Why you should start your Kirkby Stephen lease extension

Why you should start your Kirkby Stephen lease extension today:

Increase your lease and increase your Kirkby Stephen property value

The only way is down when it comes to Kirkby Stephen lease terms. Kirkby Stephen flats that have a remaining term less than than eighty years will reduce in value at a rapid rate, and the cost of extending your lease will rise.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years ahead.

Lending institutions will not lend on a short lease

Nearly all banks and building societies insist on a lengthy amount of time remaining on a leasehold residence before they will consider it as adequate security. Regardless of whether you need a mortgage, you should bear in mind that it is likely that someone wishing to acquire your property in the future might well do, so in the event that they can't secure a mortgage, then the financial worth of your property could suffer. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are prepared to accept

What makes us experts in Kirkby Stephen lease extensions?

The lawyers that we work with undertake Kirkby Stephen lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Kirkby Stephen Lease Extension Case Summaries:

Katie, Kirkby Stephen, Cumbria,

After lengthy discussions with the landlord of her purpose-built apartment in Kirkby Stephen, Katie initiated the lease extension process just as the lease was approaching the crucial eighty-year deadline. The legal work was finalised in April 2014. The landlord’s costs were kept to an absolute minimum.

Kirkby Stephen case:

Mrs Molly Cook acquired a basement flat in Kirkby Stephen in September 2004. The question was if we could approximate the price would likely be for a 90 year lease extension. Comparable homes in Kirkby Stephen with an extended lease were worth £285,000. The mid-range amount of ground rent was £45 invoiced quarterly. The lease terminated on 13 July 2098. Considering the 72 years remaining we approximated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including costs.

Kirkby Stephen case:

Last Autumn we were e-mailed by Mr L Flores , who bought a one bedroom flat in Kirkby Stephen in May 1998. We are asked if we could approximate the premium could be for a 90 year extension to my lease. Similar properties in Kirkby Stephen with a long lease were worth £233,200. The average amount of ground rent was £60 invoiced monthly. The lease concluded on 23 May 2087. Given that there were 61 years remaining we approximated the premium to the landlord to extend the lease to be between £22,800 and £26,400 plus costs.