Why you should commence your Seven Kings lease extension

Main reasons to commence your Seven Kings lease extension today:

A Seven Kings lease depreciates with the years remaining on the lease.

Seven Kings residential property held on a long lease is a depreciating asset as the leaseholder only owns the property for a period of years.

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

Leasehold premises in Seven Kings with more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies may decide not to issue a mortgage on a short lease

Most banks and building societies require a lengthy amount of time left on a leasehold property before they will contemplate lending on it. Even if you don't require a mortgage, you should be mindful that it is probable that someone wishing to buy your property in the future might well do, so where they are unable to obtain a mortgage, then the financial worth of your property could be adversely impacted. Since 2008 many mortgage lenders have increased the required minimum lease length that they are willing to lend on

Why use us for your lease extension in Seven Kings?

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

Seven Kings Lease Extension Example Cases:

Elijah, Seven Kings, North East London

Last year Elijah, started to get near to the eighty-year mark with the lease on his garden apartment in Seven Kings. Having bought his property 18 years previously, the length of the lease was of little relevance. As luck would have it, he noticed he would soon be paying an escalated premium for Extending the lease. Elijah was able to extend his lease at the eleventh hour last June. Elijah and the landlord in the end agreed on an amount of £6,000 . If he failed to meet the deadline, the figure would have escalated by at least £875.

Seven Kings case:

Last month we were approach by Mr and Mrs. V Jones , who was assigned a lease of a basement apartment in Seven Kings in October 2004. The question was if we could estimate the price could be to extend the lease by ninety years. Comparative flats in Seven Kings with an extended lease were valued about £255,000. The mid-range amount of ground rent was £50 billed monthly. The lease came to a finish on 19 August 2096. Having 70 years unexpired we estimated the premium to the freeholder for the lease extension to be within £10,500 and £12,000 plus costs.