Why you should start your Kingstanding lease extension

Top reasons for lease extension now:

A Kingstanding leasehold property depreciates with the years remaining on the lease.

Kingstanding leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. It is the case that most Kingstanding tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Kingstanding you really ought to investigate if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for decades to come.

Lenders will not issue a mortgage on a short lease

Mortgage companies are tightening their criteria and a meaningful number now require flats to have at least sixty if not seventy years left at the end of the mortgage. As many flats in Kingstanding were created in the fifties, sixties and seventies as a result many now need to be extended if they wish to get a mortgage.

Why use us for your lease extension in Kingstanding?

Lease extensions in Kingstanding can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor with experience in lease extensions.

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 a wealth of experience dealing with Kingstanding lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Kingstanding Lease Extension Example Cases:

Amber, Kingstanding, Birmingham,

Following unsuccessful discussions with the freeholder of her ground floor flat in Kingstanding, Amber initiated the lease extension process just as her lease was nearing the crucial eighty-year threshold. The lease extension was concluded in June 2011. The landlord’s charges were restricted to less than 550 GBP.

Kingstanding case:

In 2013 we were e-mailed by Mr and Mrs. P Taylor who, having bought a purpose-built apartment in Kingstanding in January 2008. We are asked if we could shed any light on how much (roughly) premium could be for a ninety year lease extension. Identical homes in Kingstanding with an extended lease were valued around £280,000. The average ground rent payable was £45 invoiced monthly. The lease lapsed on 26 March 2096. Having 70 years unexpired we estimated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of costs.

Kingstanding case:

In 2013 we were phoned by Dr I Robinson who, having was assigned a lease of a one bedroom flat in Kingstanding in October 2009. We are asked if we could approximate the compensation to the landlord could be to extend the lease by 90 years. Comparable premises in Kingstanding with 100 year plus lease were in the region of £223,400. The mid-range ground rent payable was £60 collected annually. The lease came to a finish on 27 March 2085. Given that there were 59 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £27,600 and £31,800 exclusive of professional charges.