Kingston Park leases on domestic properties are gradually losing value. Where your lease has approximately ninety years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you begin incurring an additional element called marriage value. Flat owners in Kingston Park will mostly qualify for a lease extension; however It would be wise to check with a conveyancer to check your eligibility. In some situations you may not be entitled. There are also strict timetables and procedures to comply with once the process is triggered so it’s wise to be guided by a conveyancer during the process.
Leasehold premises in Kingston Park with more than one hundred years outstanding on the lease are often regarded as a ‘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 to be gained by buying the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Skipton Building Society | |
| Yorkshire Building Society |
The lawyers that we work with handle Kingston Park 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 conveyancing solicitor we work with provide it.
Finn was the the leasehold proprietor of a conversion flat in Kingston Park on the market with a lease of just over 61 years unexpired. Finn informally spoke with his freeholder being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Finn to exercise his statutory right. Finn obtained expert advice and was able to make a more informed decision and deal with the matter and readily saleable.
Last Autumn we were called by Mr and Mrs. N Gray , who was assigned a lease of a studio apartment in Kingston Park in September 1997. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by 90 years. Identical homes in Kingston Park with an extended lease were worth £218,400. The average ground rent payable was £60 billed monthly. The lease ended on 19 September 2085. Considering the 59 years outstanding we calculated the compensation to the landlord to extend the lease to be within £27,600 and £31,800 plus expenses.
In 2013 we were approached by Mr and Mrs. F Ramírez who, having took over the lease of a studio apartment in Kingston Park in October 1999. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparative residencies in Kingston Park with a long lease were worth £205,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease expired on 19 November 2105. Given that there were 79 years outstanding we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of fees.