Top reasons for King's Cross lease extension

Why you should commence your King's Cross lease extension today:

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

On the balance of probabilities where you own a flat in King's Cross you actually own a long leasehold interest over your property

King's Cross property with a lease extension is almost the same value as a freehold

Leasehold residencies in King's Cross with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lending institutions will not loan monies on a short lease

Mortgage companies are inclined not grant a mortgage on short residential leases. You are likely to experience difficulties if you wish to sell your flat in King's Cross if the remaining lease term is below the criteria set by the majority of banks and building societies. Different mortgage companies have varying requirements but on the whole they are looking for an unexpired term of at least seventy years.

Get in touch with one of our King's Cross lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a landlord in King's Cross,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with King's Cross valuers.

King's Cross Lease Extension Case Studies:

Leo, King's Cross, North London

During the course of the last few months Leo, started to get close to the eighty-year mark with the lease on his purpose- built flat in King's Cross. In buying his flat two decades ago, the lease term was of minimal importance. by good luck, it dawned on him that he needed to take action soon on a lease extension. Leo was able to extend his lease just ahead of time in September. Leo and the landlord who owned the flat above eventually settled on sum of £5,500 . If he had missed the deadline, the price would have increased by at least £1,150.

King's Cross case:

Ms Eleanor López moved into a newly refurbished flat in King's Cross in August 1997. The dilemma was if we could approximate the price could be for a ninety year extension to my lease. Comparative residencies in King's Cross with a long lease were valued around £280,000. The mid-range amount of ground rent was £55 invoiced per annum. The lease expiry date was on 27 May 2103. Given that there were 77 years remaining we estimated the premium to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of expenses.