Top reasons for King's Cross lease extension

Top reasons for lease extension now:

A King's Cross leasehold property depreciates with the years remaining on the lease.

There is no doubt about it a leasehold property in King's Cross is a wasting asset as a result of the diminishing lease term. If the lease has, beyond one hundred years remaining then this decrease may be of little impact nevertheless there will become a stage when a lease has less than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should consider extending without delay. The majority of flat owners in King's Cross will meet the qualifying criteria; that being said a conveyancing solicitor can advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

King's Cross property with a lease extension has roughly the same value as a freehold

Leasehold properties in King's Cross with more than one hundred years unexpired 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 premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies will not finance a property on a short lease

Mortgage companies are inclined not lend on short residential leases. You are likely to encounter difficulties if you wish to sell your flat in King's Cross if the unexpired lease term is below the criteria set by the majority of banks and building societies. Different lenders have different criteria but in the main theyrequire an unexpired term of at least seventy years.

Why use us for your lease extension in King's Cross?

Irrespective of whether you are a tenant or a freeholder in King's Cross,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 experience and the close ties they enjoy with King's Cross valuers.

King's Cross Lease Extension Example Cases:

Leo, King's Cross, North London,

Leo owned a high value apartment in King's Cross being marketed with a lease of just over sixty years left. Leo informally contacted his freeholder a well known local-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Leo to exercise his statutory right. Leo procured expert advice and was able to make a more informed decision and handle with the matter and ending up with a market value flat.

King's Cross case:

Mr and Mrs. O Green acquired a one bedroom apartment in King's Cross in May 1995. The dilemma was if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Similar homes in King's Cross with a long lease were worth £250,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease end date was on 27 June 2095. Given that there were 69 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of expenses.