Top reasons for Kingsnorth lease extension

Main reasons to commence your Kingsnorth lease extension today:

Increase your lease and increase your Kingsnorth property value

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Kingsnorth can extend the lease for a further 90 years under Leasehold Reform legislation. Please think carefully before delaying your Kingsnorth lease extension. Putting off that expense today simply increases the amount you will eventually be required to pay for a lease extension.

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

Leasehold premises in Kingsnorth with more than one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders may not grant a mortgage with a short lease

Lenders do not like short residential leases. You most probably experience difficulties where you need to sell your flat in Kingsnorth if the unexpired term of your lease is under the criteria set by the majority of mortgage companies. Different mortgage companies have varying criteria but on the whole theyrequire an unexpired term of at least 65 years.

What makes us experts in Kingsnorth lease extensions?

The conveyancing solicitors that we work with procure Kingsnorth lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Kingsnorth Lease Extension Case Studies:

Alexandra, Kingsnorth, Kent,

Off the back of unsuccessful discussions with the landlord of her purpose-built flat in Kingsnorth, Alexandra started the lease extension process as the eighty year threshold was quickly approaching. The lease extension was finalised in June 2005. The landlord’s charges were kept to an absolute minimum.

Kingsnorth case:

Last Christmas we were approach by Dr B Ramírez , who bought a one bedroom apartment in Kingsnorth in October 2009. We are asked if we could approximate the premium would be to prolong the lease by 90 years. Identical properties in Kingsnorth with a long lease were worth £285,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease ran out on 3 March 2105. Having 79 years remaining we calculated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of legals.

Kingsnorth case:

Last month we were called by Dr Rosie Evans , who owned a one bedroom apartment in Kingsnorth in November 2008. The question was if we could estimate the compensation to the landlord would likely be to extend the lease by a further 90 years. Identical properties in Kingsnorth with 100 year plus lease were worth £193,400. The average ground rent payable was £65 invoiced quarterly. The lease terminated on 22 November 2085. Considering the 59 years unexpired we estimated the premium to the landlord for the lease extension to be between £21,900 and £25,200 plus costs.