Top reasons for Kentish Town lease extension

Main reasons to start your Kentish Town lease extension today:

A Kentish Town lease depreciates with the years remaining on the lease.

The value of Kentish Town leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the remaining term is below than 80 years

An extended lease is almost the same value as a freehold

Leasehold properties in Kentish Town with over 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may decide not to finance a property on a short lease

The propensity since 2008 has been for mortgage companies to tighten lending criteria generally - this has extended to the types of security over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. In the past banks were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements have been chipped away by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

What makes us experts in Kentish Town lease extensions?

Engaging our service gives you increased control over the value of your Kentish Town leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Kentish Town Lease Extension Example Cases:

Niamh, Kentish Town, North London,

Subsequent to lengthy discussions with the freeholder of her ground floor flat in Kentish Town, Niamh commenced the lease extension process as the eighty year deadline was rapidly nearing. The lease extension was finalised in November 2008. The freeholder’s costs were kept to an absolute minimum.

Kentish Town case:

Last month we were phoned by Mr and Mrs. L Dupont , who completed a one bedroom apartment in Kentish Town in August 2012. We are asked if we could approximate the price would be for a ninety year extension to my lease. Comparative premises in Kentish Town with an extended lease were in the region of £208,200. The mid-range amount of ground rent was £65 invoiced monthly. The lease termination date was on 21 January 2087. Taking into account 61 years remaining we approximated the compensation to the landlord for the lease extension to be within £20,000 and £23,000 plus expenses.