Main reasons to commence your Kingsnorth lease extension

Why you should commence your Kingsnorth lease extension today:

A Kingsnorth lease depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Kingsnorth you actually own a long leasehold interest over your property

Kingsnorth property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the property will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to grant a mortgage on a short lease

Nearly all banks and building societies insist on a lengthy amount of time left on any leasehold residence before they will consider it as adequate security. Regardless of whether you require a mortgage, you should be conscious that it is reasonable to assume that someone wanting to buy your property in the future might well do, so if they are unable to get a mortgage, then the value of the property will likely suffer. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to accept

Why use us for your lease extension in Kingsnorth?

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

Kingsnorth Lease Extension Example Cases:

Amber, Kingsnorth, Kent,

In the wake of eight months of protracted discussions with the freeholder of her two bedroom flat in Kingsnorth, Amber commenced the lease extension process just as the lease was coming close to the all-important eighty-year mark. The transaction was concluded in June 2009. The freeholder’s fees were negotiated to about 600 pounds.

Kingsnorth case:

Dr P Williams took over the lease of a purpose-built flat in Kingsnorth in February 2011. The question was if we could approximate the price could be to extend the lease by an additional years. Identical properties in Kingsnorth with an extended lease were worth £200,800. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease came to a finish on 7 April 2086. Taking into account 60 years remaining we calculated the compensation to the landlord to extend the lease to be between £20,900 and £24,200 not including professional charges.

Kingsnorth case:

Last Christmas we were approach by Mrs C Nguyen , who acquired a purpose-built apartment in Kingsnorth in August 2006. The dilemma was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparative flats in Kingsnorth with a long lease were valued around £255,000. The mid-range amount of ground rent was £50 collected monthly. The lease ended on 23 October 2097. Having 71 years remaining we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of costs.