Kentish Town Lease Extension - Free Consultation

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Before you progress with your lease extension in Kentish Town
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Why you should commence your Kentish Town lease extension

Top reasons for lease extension now:

Increase your lease and increase your Kentish Town property value

Chances are that if you own a flat in Kentish Town you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders may not grant a mortgage on a short lease

Most high street banks are tightening their criteria and many now want flats to have at least sixty if not seventy years left once the mortgage has expired. As plenty of flats in Kentish Town were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they if they are to be mortgageable.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.

Get in touch with one of our Kentish Town lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a landlord in Kentish Town,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 in-depth market knowledge and the close ties they enjoy with Kentish Town valuers.

Kentish Town Lease Extension Case Studies:

Ibrahim, Kentish Town, North London

Half a year ago Ibrahim, came precariously near to the 80-year mark with the lease on his studio flat in Kentish Town. Having bought his property twenty years ago, the unexpired term was of minimal importance. by good luck, he recognised he needed to take action soon on Extending the lease. Ibrahim arranged for a lease extension just in the nick of time last March. Ibrahim and the freeholder eventually settled on a premium of £5,000 . If he not met the deadline, the sum would have increased by at least £875.

Kentish Town case:

Mrs Sophia Thomas bought a ground floor apartment in Kentish Town in February 2010. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by a further 90 years. Comparable flats in Kentish Town with a long lease were in the region of £285,000. The average ground rent payable was £55 billed every twelve months. The lease ran out on 6 September 2104. Given that there were 79 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of fees.

Decision in Camden

An example of a Lease Extension case for a Kentish Town flat is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case affected 1 flat. The unexpired term was 64.77 years.