Top reasons for Kingsdown lease extension

Top reasons for lease extension now:

A Kingsdown leasehold property depreciates with the years remaining on the lease.

Chances are that if you own a flat in Kingsdown you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Kingsdown with in excess of 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 home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies will not grant a mortgage on a short lease

Nearly all banks and building societies will not lend on a lease with under 70 years unexpired - although this varies between mortgage companies. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this could result in your Kingsdown property becoming difficult to dispose of or remortgage.

Why use us for your lease extension in Kingsdown?

Lease extensions in Kingsdown can be a difficult process. We recommend you get professional help 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 procuring Kingsdown lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Kingsdown Lease Extension Example Cases:

Imogen, Kingsdown, Bristol,

Following protracted discussions with the freeholder of her leasehold flat in Kingsdown, Imogen commenced the lease extension process just as her lease was approaching the all-important eighty-year mark. The transaction was concluded in April 2012. The freeholder’s fees were restricted to about 500 GBP.

Kingsdown case:

Mr and Mrs. J David bought a purpose-built apartment in Kingsdown in May 2007. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparative homes in Kingsdown with a long lease were in the region of £280,000. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease ran out on 27 April 2104. Taking into account 78 years remaining we approximated the premium to the landlord for the lease extension to be between £13,300 and £15,400 plus professional charges.

Kingsdown case:

Last Christmas we were phoned by Mr and Mrs. J Lee , who bought a basement apartment in Kingsdown in November 2012. We are asked if we could approximate the price could be for a ninety year lease extension. Similar properties in Kingsdown with an extended lease were in the region of £191,000. The mid-range amount of ground rent was £65 invoiced yearly. The lease ran out in 2084. Considering the 58 years unexpired we approximated the premium to the landlord for the lease extension to be within £23,800 and £27,400 not including costs.