Main reasons to start your Kings Lynn lease extension

Top reasons for lease extension now:

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

Kings Lynn residential property owned on a long lease is a wasting asset because a leaseholder merely owns the property for a set term.

An extended lease is almost the same value as a freehold

Leasehold residencies in Kings Lynn with over 100 years left 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 circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may decide not to finance a property on a short lease

Most high street banks are tightening their criteria and a meaningful number now expect flats to have a minimum of sixty if not seventy years remaining at the expiry of the mortgage. Considering plenty of flats in Kings Lynn were created in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

Get in touch with one of our Kings Lynn lease extension solicitors or enfranchisement solicitors

Engaging our service will provide you enhanced control over the value of your Kings Lynn leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Kings Lynn Lease Extension Example Cases:

Maisie, Kings Lynn, Norfolk,

In the wake of 9 months of unsuccessful discussions with the freeholder of her one bedroom apartment in Kings Lynn, Maisie initiated the lease extension process as the eighty year deadline was rapidly advancing. The transaction was concluded in February 2012. The landlord’s costs were negotiated to below five hundred pounds.

Kings Lynn case:

In 2012 we were approached by Dr Reuben Girard who, having acquired a basement flat in Kings Lynn in January 1997. The dilemma was if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparative residencies in Kings Lynn with an extended lease were valued about £183,600. The average ground rent payable was £65 invoiced every twelve months. The lease ended on 11 January 2083. Taking into account 57 years left we estimated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 plus costs.

Kings Lynn case:

Last year we were e-mailed by Dr B Clarke , who completed a ground floor apartment in Kings Lynn in March 2008. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative properties in Kings Lynn with a long lease were valued about £245,000. The mid-range amount of ground rent was £45 invoiced yearly. The lease expired in 2094. Taking into account 68 years left we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.