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Main reasons to start your Seven Kings lease extension

Main reasons to commence your Seven Kings lease extension today:

Increase your lease and increase your Seven Kings property value

With a long leasehold property in Seven Kings, you are in fact renting it for a certain period of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider a lease extension sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater notably once there are fewer than 80 years remaining. Leasehold owners in Seven Kings with a lease drawing near to 81 years remaining should seriously consider extending it without delay. When the lease term has under 80 years outstanding, under the relevant statute the freeholder can calculate and levy a greater amount, assessed on a technical computation, known as “marriage value” which is due.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for many years in the future.

Lenders may not issue a mortgage with a short lease

Most high street banks are tightening their criteria and a meaningful number now require flats to have a minimum of 60 if not 70 years remaining at the expiry of the mortgage. Given that plenty of flats in Seven Kings were built in the fifties, sixties and seventies as a result many now need to be extended if they wish to obtain a mortgage.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaing from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Why use us for your lease extension in Seven Kings?

Lease extensions in Seven Kings can be a difficult process. We recommend you procure professional help from a conveyancing solicitor 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 dealing with Seven Kings lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Seven Kings Lease Extension Case Summaries:

Alicia, Seven Kings, North East London,

Subsequent to unsuccessful discussions with the landlord of her studio apartment in Seven Kings, Alicia commenced the lease extension process just as her lease was coming close to the all-important 80-year deadline. The transaction completed in January 2006. The freeholder’s fees were kept to an absolute minimum.

Seven Kings case:

In 2010 we were contacted by Mr L Watson who, having completed a garden apartment in Seven Kings in September 1999. We are asked if we could estimate the price would be for a 90 year extension to my lease. Comparative flats in Seven Kings with a long lease were in the region of £265,000. The average amount of ground rent was £50 billed yearly. The lease ran out on 8 February 2095. Having 74 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including fees.

Decision in Redbridge

An example of a Lease Extension decision for a Seven Kings residence is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case was in relation to 1 flat. The unexpired term as at the valuation date was 61.36 years.