Stop! Your Lease Extension in King's Cross Could Be FREE

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Many leaseholders in King's Cross are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in King's Cross has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your King's Cross lease extension

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

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

King's Cross residential property held on a long lease is a depreciating asset because a leaseholder merely owns the property for a period of years.

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

It is generally accepted that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions may decide not to loan monies with a short lease

Lenders do not like short residential leases. You most probably experience difficulties where you wish to sell your flat in King's Cross if the remaining lease term is less than the criteria set by most banks and building societies. Different lenders have different criteria but generally theyrequire a minimum remaining lease term of 65 years.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

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

Engaging our service will provide you increased control over the value of your King's Cross leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

King's Cross Lease Extension Case Studies:

Thomas, King's Cross, North London

Last Winter Thomas, started to get near to the eighty-year threshold with the lease on his ground floor flat in King's Cross. Having bought his flat 18 years ago, the length of the lease was of little interest. Fortunately, he became aware that he needed to take action soon on a lease extension. Thomas arranged for a lease extension just in the nick of time last September. Thomas and the landlord who owned the flat above ultimately agreed on a premium of £6,000 . If the lease had dropped lower than eighty years, the price would have escalated by a minimum £875.

King's Cross case:

In 2012 we were contacted by Mr and Mrs. G Fournier who, having moved into a recently refurbished flat in King's Cross in January 2005. We are asked if we could approximate the premium would be for a ninety year lease extension. Comparative flats in King's Cross with an extended lease were worth £218,000. The mid-range ground rent payable was £45 billed per annum. The lease lapsed on 26 March 2089. Taking into account 63 years outstanding we approximated the premium to the landlord for the lease extension to be within £17,100 and £19,800 plus expenses.

Decision in Camden

An example of a Lease Extension case for a King's Cross premises is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case affected 1 flat. The remaining number of years on the lease was 66.8 years.