Main reasons to commence your Kingsland lease extension

Why you should start your Kingsland lease extension today:

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

The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Kingsland have the legal entitlement to extend the lease for an additional ninety years in accordance with Leasehold Reform legislation. Please think carefully before delaying your Kingsland lease extension. Shelving that expense today simply escalates the premium you will eventually have to pay to extend the lease.

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

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not grant a mortgage on a short lease

The trend since 2008 has been for lenders to tighten lending criteria generally - this has extended to the property over which the home loan is to be charged. This has meant the minimum number of years remaining under the lease required by lenders has increased. In the past lenders were content with twenty years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Kingsland?

Regardless of whether you are a tenant or a freeholder in Kingsland,the lease extension solicitors that we work with will always be prepared 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:

Kate, Kingsland, London,

Trailing protracted discussions with the landlord of her basement flat in Kingsland, Kate commenced the lease extension process just as the lease was nearing the crucial eighty-year mark. The lease extension completed in March 2013. The landlord’s fees were negotiated to approximately five hundred GBP.

Kingsland case:

In 2010 we were e-mailed by Mr Hunter Phillips who, having acquired a newly refurbished apartment in Kingsland in February 2007. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Similar flats in Kingsland with a long lease were valued around £280,000. The mid-range amount of ground rent was £45 collected every twelve months. The lease ran out on 27 April 2097. Considering the 71 years remaining we estimated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including expenses.