Why you should commence your Kingstanding lease extension

Top reasons for lease extension now:

Increase your lease and increase your Kingstanding property value

The only way is down when it comes to Kingstanding lease terms. Kingstanding leaseholds that have a residual term less than than eighty years will reduce in market price even faster, and the cost to extend your lease will rise.

Kingstanding property with a lease extension 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 equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions may not issue a mortgage with a short lease

Nearly all banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should keep in mind that it is reasonable to assume that someone intending to buy your property in the future might well do, so where they can't get a mortgage, then the market price of the property will likely be adversely impacted. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to lend on

What makes us experts in Kingstanding lease extensions?

Lease extensions in Kingstanding can be a difficult process. We recommend you get guidance from a lawyer and surveyor 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 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:

Seth, Kingstanding, Birmingham

Half a year ago Seth, came dangerously close to the eighty-year threshold with the lease on his purpose- built flat in Kingstanding. Having bought his home two decades ago, the length of the lease was of little bearing. Fortunately, he became aware that he needed to take action soon on a lease extension. Seth arranged for a lease extension just under the wire last April. Seth and the freeholder subsequently agreed on sum of £5,000 . If he failed to meet the deadline, the amount would have escalated by a minimum £900.

Kingstanding case:

Last Spring we were called by Mr and Mrs. G Ramírez , who completed a studio flat in Kingstanding in March 2006. We are asked if we could estimate the premium would be to extend the lease by ninety years. Comparative properties in Kingstanding with 100 year plus lease were in the region of £260,200. The mid-range ground rent payable was £65 billed quarterly. The lease concluded in 2092. Having 66 years left we calculated the compensation to the freeholder to extend the lease to be within £15,200 and £17,600 not including professional charges.

Kingstanding case:

Dr Tommy Bernard completed a recently refurbished apartment in Kingstanding in May 2003. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by an additional years. Similar residencies in Kingstanding with 100 year plus lease were valued about £198,800. The mid-range amount of ground rent was £55 invoiced annually. The lease ran out on 20 June 2081. Considering the 55 years remaining we calculated the premium to the freeholder to extend the lease to be between £33,300 and £38,400 not including legals.