There is no doubt about it a leasehold flat or house in Seven Kings is a wasting asset as a result of the diminishing lease term. If the lease has, beyond 99 years to run then this decrease may be fractional that being said there will become a point in time when a lease has less than eighty years unexpired 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 logic behind why you should consider extending without delay. Most flat owners in Seven Kings will qualify for this right; however a conveyancing solicitor can advise whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
Leasehold premises in Seven Kings with in excess of 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Nationwide Building Society | |
| The Mortgage Works |
Lease extensions in Seven Kings can be a difficult process. We recommend you get guidance from a conveyancer 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 dealing with 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.
Last year Freddie, started to get close to the 80-year threshold with the lease on his leasehold flat in Seven Kings. In buying his flat two decades ago, the lease term was of minimal significance. As luck would have it, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Freddie arranged for a lease extension at the eleventh hour last June. Freddie and the freeholder eventually agreed on a premium of £5,500 . If the lease had dropped below eighty years, the amount would have become more exhorbitant by at least £975.
Dr P Jones moved into a studio flat in Seven Kings in September 2007. We are asked if we could estimate the premium would likely be to extend the lease by an additional years. Similar residencies in Seven Kings with a long lease were valued around £193,400. The mid-range amount of ground rent was £65 invoiced per annum. The lease concluded on 8 November 2085. Having 59 years outstanding we estimated the premium to the landlord for the lease extension to be within £21,900 and £25,200 not including expenses.
An example of a Lease Extension case for a Seven Kings residence is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case was in relation to 1 flat. The unexpired term was 61.36 years.