Why you should commence your Keston lease extension

Main reasons to start your Keston lease extension today:

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

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

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

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not issue a mortgage on a short lease

Lenders are making their criteria more stringent and a meaningful number now expect flats to have a minimum of 60 if not 70 years remaining at the expiry of the mortgage. Given that plenty of flats in Keston were created in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

What makes us experts in Keston lease extensions?

Using our service gives you enhanced control over the value of your Keston leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancing solicitors 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:

George, Keston, Kent,

George was the the leasehold owner of a studio flat in Keston being marketed with a lease of a little over sixty years left. George on an informal basis contacted his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £200 yearly. Ordinarily, ground rent would not be due on a lease extension were George to exercise his statutory right. George procured expert legal guidance and was able to make a more informed judgement and deal with the matter and readily saleable.

Keston case:

Mr V Rodríguez completed a first floor apartment in Keston in April 1997. The question was if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Comparative flats in Keston with 100 year plus lease were in the region of £179,200. The average amount of ground rent was £55 invoiced per annum. The lease concluded in 2077. Given that there were 51 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 not including costs.