Top reasons for Keston lease extension

Why you should commence your Keston lease extension today:

A Keston lease depreciates with the years remaining on the lease.

The market value of a leasehold property in Keston is impacted by how many years the lease has left to run. If it is near to or fewer than eighty years you should expect difficulties on re-sale, so it is advisable to arrange for a lease extension before buying. It is ideal to start the lease extension process when the lease still has 82 years unexpired so that all matters can be finalised ahead of the eighty year cut off point. Current legislation entitles Keston qualifying lessees to obtain a lease extension of 90 years in addition to the remaining lease term at a peppercorn rent (that is, rent free). The purpose of the valuation is to determine the amount payable by the lessee to the freeholder for the purchase of the lease extension.

Keston property with a lease extension is almost the same value as a freehold

Leasehold properties in Keston with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Lenders will not finance a property on a short lease

Banks and building societies are inclined not lend on short residential leases. You are likely to experience difficulties where you need to sell your flat in Keston if the remaining lease term is less than the criteria set by the majority of mortgage companies. Different mortgage companies have different criteria but in the main theyrequire a minimum remaining lease term of seventy years.

What makes us experts in Keston lease extensions?

Retaining our service gives you enhanced control over the value of your Keston leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Keston Lease Extension Example Cases:

Chloe, Keston, Kent,

After protracted negotiations with the freeholder of her basement apartment in Keston, Chloe initiated the lease extension process as the eighty year deadline was swiftly advancing. The lease extension was concluded in August 2010. The freeholder’s costs were kept to an absolute minimum.

Keston case:

Last year we were approach by Dr M Bennett , who purchased a one bedroom apartment in Keston in May 1999. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Similar premises in Keston with 100 year plus lease were in the region of £223,400. The average amount of ground rent was £60 billed every twelve months. The lease terminated on 12 June 2085. Given that there were 59 years left we estimated the compensation to the freeholder to extend the lease to be within £27,600 and £31,800 not including expenses.