Top reasons for Kingsland lease extension

Why you should start your Kingsland lease extension today:

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

As the the remaining lease term of a Kingsland domestic lease lessens so does its value and therefore the value of your property. Where the residual term has, in excess of 99 years remaining then this decrease may be negligible however there will become a point in time when a lease has under than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should extend the lease sooner than later. The majority of flat owners in Kingsland will meet the qualifying criteria; however a conveyancing solicitor can advise if you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

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

Leasehold premises in Kingsland with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.

Lenders will not lend on a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to become jittery at around 75 years. This will cause difficulties as and when you wish to market or refinance your property as it will be effectively unmortgageable. You might not have an imminent intention to sell but when you do your purchaser must wait a couple of years before they can exercise the right to a an extension to the lease.

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

Irrespective of whether you are a tenant or a freeholder 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 in-depth market knowledge and the close ties they enjoy with Kingsland valuers.

Kingsland Lease Extension Example Cases:

Danielle, Kingsland, London,

Following lengthy discussions with the freeholder of her first floor flat in Kingsland, Danielle initiated the lease extension process as the eighty year deadline was quickly advancing. The lease extension was concluded in July 2014. The landlord’s fees were kept to an absolute minimum.

Kingsland case:

Last Winter we were contacted by Dr Freddie Cox , who acquired a one bedroom flat in Kingsland in July 2000. The question was if we could estimate the price could be to extend the lease by ninety years. Comparable premises in Kingsland with 100 year plus lease were worth £201,200. The average amount of ground rent was £55 invoiced monthly. The lease ended on 24 July 2082. Taking into account 56 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 plus fees.