Top reasons for Kingsdown lease extension

Main reasons to commence your Kingsdown lease extension today:

Increase your lease and increase your Kingsdown property value

The only way is down when it comes to Kingsdown lease terms. Kingsdown flats that have a residual term shorter than eighty years will reduce in value even faster, and the cost of extending your lease will increase.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to loan monies on a short lease

The trend since the credit crunch has been for lenders to tighten lending requirements across the board - this has extended to the types of security over which the home loan is to be charged. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. Historically mortgage companies would lend on a lease with twenty years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

What makes us experts in Kingsdown lease extensions?

Regardless of whether you are a tenant or a freeholder in Kingsdown,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Kingsdown valuers.

Kingsdown Lease Extension Example Cases:

Alexander, Kingsdown, Bristol,

Alexander was the the leasehold proprietor of a high value apartment in Kingsdown on the market with a lease of fraction over 59 years remaining. Alexander on an informal basis approached his landlord being a well known London-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £200 yearly. Ordinarily, ground rent would not be payable on a lease extension were Alexander to exercise his statutory right. Alexander obtained expert legal guidance and was able to make an informed decision and deal with the matter and sell the property.

Kingsdown case:

Mr Reuben Richardson bought a first floor flat in Kingsdown in October 2007. We are asked if we could estimate the premium would likely be to prolong the lease by an additional years. Comparative residencies in Kingsdown with 100 year plus lease were in the region of £193,400. The mid-range amount of ground rent was £65 collected per annum. The lease finished in 2085. Taking into account 59 years remaining we calculated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 exclusive of professional charges.

Kingsdown case:

In 2011 we were called by Mr Ryan Thomas who, having completed a purpose-built flat in Kingsdown in May 2010. The question was if we could shed any light on how much (roughly) price could be to prolong the lease by ninety years. Identical homes in Kingsdown with 100 year plus lease were worth £255,000. The mid-range ground rent payable was £50 billed quarterly. The lease ran out in 2096. Given that there were 70 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £10,500 and £12,000 plus fees.