Keston Lease Extension - Free Consultation

Before you progress with your lease extension in Keston
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Main reasons to start your Keston lease extension


Main reasons to start your Keston lease extension today:

Increase your lease and increase your Keston property value

Keston leases on domestic properties are gradually losing value. Where your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you start paying an additional element called marriage value. Leasehold owners in Keston will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to check your eligibility. In some circumstances you may not be entitled. There are prescribed deadlines and steps to follow once the process has started so it’s best to be guided by a conveyancer during the process.

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

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions may not issue a mortgage on a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now require flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. Given that many flats in Keston were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to get a mortgage.

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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Yorkshire Building Society 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.

Get in touch with one of our Keston lease extension solicitors or enfranchisement solicitors

Engaging our service will provide you increased 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 wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Keston Lease Extension Case Summaries:

Daniel, Keston, Kent,

Daniel was the the leasehold owner of a high value apartment in Keston on the market with a lease of a few days over 61 years left. Daniel on an informal basis contacted his landlord being a well known Manchester-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 annually. No ground rent would be due on a lease extension were Daniel to exercise his statutory right. Daniel obtained expert advice and secured an acceptable resolution without going to tribunal and sell the flat.

Keston case:

Dr Georgia Howard owned a purpose-built flat in Keston in January 2003. The question was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by an additional years. Identical flats in Keston with a long lease were in the region of £205,000. The average amount of ground rent was £50 invoiced per annum. The lease concluded on 22 February 2103. Having 79 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of costs.

Decision in Bromley

An example of a Lease Extension case for a Keston flat is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case affected 1 flat. The unexpired term was 50.57 years.