Why you should commence your Kentish Town lease extension

Main reasons to start your Kentish Town lease extension today:

Increase your lease and increase your Kentish Town property value

Owning a flat usually means owning a lease of the property, which has a set term of years. The lease will normally be granted for a prescribed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Kentish Town. Clearly, the term of lease left shortens over time. This may slip by relatively unnoticed when the property needs to be sold or refinanced. The shorter the lease the less it is worth and the more it will cost to procure a lease extension. Qualifying leaseholders in Kentish Town have the right to extend the lease for a further 90 years under the 1993 Leasehold Reform Act. You should give careful deliberation before putting off your Kentish Town lease extension. Putting off that expense now likely increases the price you will eventually incur to extend your lease

Kentish Town property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Kentish Town with over 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lenders may not grant a mortgage on a short lease

Most banks and building societies require a lengthy amount of time left on any leasehold property before they will contemplate it as adequate security. Even if you don't need a mortgage, you should keep in mind that it is reasonable to assume that someone intending to acquire your property in the future might well do, so where they can't secure a mortgage, then the value of your property could be adversely impacted. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

Why use us for your lease extension in Kentish Town?

Engaging our service will provide you better control over the value of your Kentish Town leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Kentish Town Lease Extension Case Summaries:

Jackson, Kentish Town, North London

During the course of the last few months Jackson, came critically near to the 80-year mark with the lease on his leasehold flat in Kentish Town. Having bought his home 19 years previously, the length of the lease was of minimal concern. Luckily, he recognised he would imminently be paying an inflated amount for Extending the lease. Jackson extended the lease just in the nick of time in May. Jackson and the landlord ultimately settled on sum of £6,000 . If he had missed the deadline, the amount would have become more costly by a minimum £925.

Kentish Town case:

Last August we were called by Mr and Mrs. G Anderson , who completed a studio flat in Kentish Town in August 2012. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Similar properties in Kentish Town with an extended lease were valued around £227,800. The average amount of ground rent was £45 collected monthly. The lease lapsed on 21 September 2091. Having 65 years as a residual term we estimated the premium to the landlord to extend the lease to be within £13,300 and £15,400 not including expenses.