Top reasons for Kingsland lease extension

Top reasons for lease extension now:

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

The value of Kingsland leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate substantially once the remaining term is below than eighty years

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

It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may not finance a property with a short lease

Banks and building societies are making their criteria more stringent and many now require flats to have at least 60 if not 70 years remaining once the mortgage has expired. Considering many flats in Kingsland were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to obtain a mortgage.

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

Irrespective of whether you are a tenant or a landlord in Kingsland,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Kingsland valuers.

Kingsland Lease Extension Example Cases:

Samuel, Kingsland, London,

Samuel was the the leasehold owner of a 2 bedroom apartment in Kingsland on the market with a lease of a few days over 59 years unexpired. Samuel informally contacted his landlord being a well known local-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Samuel to invoke his statutory right. Samuel procured expert advice and secured an acceptable resolution without resorting to tribunal and readily saleable.

Kingsland case:

Mr and Mrs. A Walker acquired a ground floor apartment in Kingsland in October 2008. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by ninety years. Identical properties in Kingsland with a long lease were valued around £181,600. The mid-range ground rent payable was £55 collected yearly. The lease ended on 5 May 2078. Considering the 52 years remaining we estimated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 exclusive of expenses.