Top reasons for Kingsland lease extension

Main reasons to start your Kingsland lease extension today:

A Kingsland lease depreciates with the years remaining on the lease.

As the length of the unexpired term of a Kingsland residential lease diminished so does its value and therefore the value of your property. If the residual term has, in excess of 100 years to run then this decrease may be of little impact that being said there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main reason why you should consider extending sooner than later. Most flat owners in Kingsland will qualify for this right; however a lawyer can confirm if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.

Kingsland property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for decades to come.

Lenders will not lend on a short lease

Mortgage lenders have specific criteria when loaning monies charged on leasehold property. Some will simply not lend at all once an unexpired lease term slips under a specified unexpired lease term. Many Mortgage lenders will not consider property with an unexpired below 75 years as acceptable security. In addition to this being important when selling, it is also relevant if you are seeking to remortgage your Kingsland home.

Why use us for your lease extension in Kingsland?

The conveyancing solicitors that we work with handle Kingsland 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 lawyer we work with provide it.

Kingsland Lease Extension Example Cases:

Kayleigh, Kingsland, London,

After protracted correspondence with the landlord of her studio apartment in Kingsland, Kayleigh commenced the lease extension process as the 80 year mark was quickly nearing. The legal work was finalised in February 2013. The landlord’s charges were restricted to a tad over 650 pounds.

Kingsland case:

In 2011 we were approached by Mr and Mrs. Y Khan who, having completed a first floor apartment in Kingsland in May 1999. The dilemma was if we could shed any light on how much (approximately) premium could be to prolong the lease by ninety years. Similar residencies in Kingsland with 100 year plus lease were worth £205,000. The mid-range ground rent payable was £50 collected yearly. The lease came to a finish in 2105. Considering the 79 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £7,600 and £8,800 not including fees.