Top reasons for Kingsland lease extension

Top reasons for lease extension now:

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

Chances are that if you own a flat in Kingsland you actually own a long leasehold interest over your property

Kingsland property with a lease extension is almost the same value as a freehold

Leasehold properties in Kingsland with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lenders may decide not to lend with a short lease

Get in touch with one of our Kingsland lease extension solicitors or enfranchisement solicitors

The lawyers 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 Case Summaries:

Archie, Kingsland, London,

Archie owned a 2 bedroom flat in Kingsland on the market with a lease of a few days over 61 years remaining. Archie informally contacted his landlord being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £50 annually. No ground rent would be due on a lease extension were Archie to invoke his statutory right. Archie obtained expert legal guidance and was able to make an informed judgement and deal with the matter and ending up with a market value flat.

Kingsland case:

Dr G Scott acquired a studio flat in Kingsland in January 1999. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by 90 years. Comparative homes in Kingsland with 100 year plus lease were valued around £225,800. The average ground rent payable was £60 invoiced annually. The lease expired on 3 September 2086. Taking into account 60 years remaining we calculated the premium to the freeholder to extend the lease to be within £25,700 and £29,600 not including fees.