The nearer a domestic lease in Kenton gets to zero years unexpired, the more it reduces the value of the property. Where the lease has, in excess of one hundred years to run then this decrease may be fractional however there will become a point in time when a lease has fewer than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary reason why you should extend the lease sooner than later. The majority of flat owners in Kenton will meet the qualifying criteria; however a lawyer will be able to advise whether you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Retaining our service gives you increased control over the value of your Kenton leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Teddy owned a high value apartment in Kenton on the market with a lease of fraction over 61 years remaining. Teddy informally approached his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Teddy to invoke his statutory right. Teddy obtained expert legal guidance and secured satisfactory resolution informally and sell the property.
In 2011 we were e-mailed by Ms B Evans who, having bought a first floor apartment in Kenton in May 1999. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Similar residencies in Kenton with 100 year plus lease were in the region of £210,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease terminated in 2105. Given that there were 80 years as a residual term we estimated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including costs.
An example of a Freehold Enfranchisement decision for a Kenton premises is 139/139A Masons Avenue in February 2010. this was a case with an absentee freeholder. As a result the leaseholders applied to Willesden County Court for an order dispensing with the giving of a notice of claim.14th October 2009 District Judge Brar granted a vesting order and the court directed that the matter should be transferred to this tribunal to determine the freehold premium. The tribunal concluded on a figure of £13,000 for the freehold interest This case affected 1 flat. The unexpired lease term was 74 years.