Main reasons to commence your Ashford Kent lease extension

Why you should start your Ashford Kent lease extension today:

Increase your lease and increase your Ashford Kent property value

Ashford Kent leases on domestic deteriorating in value. if your lease has about 90 years remaining, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you start paying an additional element called marriage value. Leasehold owners in Ashford Kent will usually qualify for a lease extension; however It would be wise to check with a lawyer to check if you qualify. In some circumstances you may not be entitled. There are prescribed deadlines and steps to follow once the process has commenced so it’s wise to be guided by a lawyer during the process.

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

It is conventional wisdom that a residential leasehold with in excess of one hundred 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 property will be equivalent in value to a freehold for decades to come.

Lending institutions may not lend on a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to become concerned at around 75 years. This will cause difficulties once you come to market or refinance your property as it will be effectively unmortgageable. You might not have an imminent intention to sell but when you do your purchaser will need to hold off for a couple of years before being able to exercise the right to a an extension to the lease.

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

Retaining our service gives you enhanced control over the value of your Ashford Kent leasehold, as your property will be more valuable and saleable in terms of 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.

Ashford Kent Lease Extension Example Cases:

Samuel, Ashford Kent, Kent,

Samuel was the the leasehold owner of a high value apartment in Ashford Kent on the market with a lease of just over 61 years remaining. Samuel informally approached his landlord a well known Manchester-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Samuel to invoke his statutory right. Samuel procured expert legal guidance and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Ashford Kent case:

Dr E Morgan purchased a garden apartment in Ashford Kent in May 1995. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by 90 years. Comparative homes in Ashford Kent with a long lease were valued about £200,800. The average ground rent payable was £65 billed quarterly. The lease ran out in 2086. Having 60 years left we calculated the premium to the landlord for the lease extension to be within £20,900 and £24,200 not including costs.

Ashford Kent case:

Mr Luke Phillips owned a first floor apartment in Ashford Kent in March 1995. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparative residencies in Ashford Kent with 100 year plus lease were valued around £260,000. The average amount of ground rent was £50 billed yearly. The lease came to a finish on 18 October 2097. Having 71 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus expenses.