Stop! Your Lease Extension in Kennington Could Be FREE

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Many leaseholders in Kennington are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Kennington has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Kennington lease extension

Top reasons for lease extension now:

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

The market value of Kennington leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate significantly once the unexpired lease term is less than 80 years

An extended lease has roughly the same value as a freehold

Leasehold properties in Kennington with more than one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Mortgage lenders may decide not to finance a property on a short lease

Nearly all mortgage lenders will be unwilling to grant a mortgage on a lease with less than seventy years unexpired - although this varies from lender to lender. A purchaser will undoubtedly find it difficult in obtaining a mortgage and this will result in your Kennington property becoming difficult to sell or to obtain finance on.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
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 remaining from the start of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Why use us for your lease extension in Kennington?

Engaging our service gives you increased control over the value of your Kennington leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Kennington Lease Extension Case Summaries:

Ellen, Kennington, South London,

Subsequent to unsuccessful discussions with the landlord of her garden apartment in Kennington, Ellen started the lease extension process as the eighty year threshold was quickly nearing. The transaction completed in June 2012. The landlord’s charges were kept to an absolute minimum.

Kennington case:

Last month we were phoned by Mr and Mrs. U Clark , who was assigned a lease of a ground floor apartment in Kennington in April 1999. We are asked if we could approximate the price would likely be to extend the lease by ninety years. Similar premises in Kennington with an extended lease were worth £210,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease elapsed on 23 February 2106. Given that there were 80 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus legals.

Decision in Hammersmith and Fulham

An example of a Lease Extension case for a Kennington property is Ground Floor Flat 39 Bronsart Road in May 2010. Following a vesting order by West London County Court the Leasehold Valuation Tribunal concluded that the price to be paid for the extended lease of the premises was Thirteen Thousand Two hundred pounds (£13,200) in accordance with the valuation. The extended lease was granted for a term of 90 years from the expiry date of the Lease and at a peppercorn ground rent from the date of the vesting order. This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 74.77 years.