Top reasons for Seven Kings lease extension

Top reasons for lease extension now:

A Seven Kings leasehold property depreciates with the years remaining on the lease.

The re-sale value of a leasehold property in Seven Kings depends on how many years the lease has left to run. If it is near to or less than 80 years you should envisage difficulties on re-sale, so it is recommended to arrange for the lease to be extended before purchasing. It is preferable to start the lease extension process when a lease still has 82 years remaining so that a lease extension can be concluded well before the 80 year mark. Statute enables Seven Kings qualifying lessees to an additional term of ninety years in addition to the existing term, at a peppercorn rent (zero ground rent). The purpose of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property 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 30 years left, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not loan monies with a short lease

Mortgage companies are really clamping down as regards to homes in Seven Kings with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you wanted to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus restricting the number of potential buyers.

Why use us for your lease extension in Seven Kings?

Lease extensions in Seven Kings can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Seven Kings lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Seven Kings Lease Extension Example Cases:

Callum, Seven Kings, North East London

Two years ago Callum, came precariously close to the 80-year mark with the lease on his leasehold apartment in Seven Kings. Having bought his flat twenty years previously, the length of the lease was of minimal concern. Fortunately, he realised he would soon be paying an escalated premium for a lease extension. Callum extended the lease just ahead of time last January. Callum and the freeholder in the end agreed on a premium of £5,000 . If he not met the deadline, the figure would have gone up by at least £875.

Seven Kings case:

Last Winter we were called by Mr and Mrs. S Clarke , who owned a basement flat in Seven Kings in May 2004. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by an additional years. Similar flats in Seven Kings with a long lease were worth £254,200. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease end date was in 2077. Having 51 years unexpired we calculated the compensation to the landlord for the lease extension to be within £43,700 and £50,600 plus fees.