Why you should commence your Ashford Kent lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ashford Kent property value

Ashford Kent leases on domestic properties are gradually losing value. Where your lease has about 90 years unexpired, you should start thinking about a lease extension. If lease term dips under 80 years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Ashford Kent will usually be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to confirm your eligibility. In certain cases you may not be entitled. There are also strict deadlines and formalities to follow once the process has started so it’s wise to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

Leasehold properties in Ashford Kent with more than 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may decide not to finance a property on a short lease

Banks and building societies are inclined not lend on short residential leases. You are likely to encounter problems where you want to sell your flat in Ashford Kent if the unexpired term of your lease is under the criteria set by most banks and building societies. Different mortgage companies have different criteria but generally they are looking for an unexpired term of at least 65 years.

What makes us experts in Ashford Kent lease extensions?

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

Ashford Kent Lease Extension Case Studies:

John, Ashford Kent, Kent

Last October John, came dangerously close to the eighty-year threshold with the lease on his two bedroom apartment in Ashford Kent. Having purchased his property two decades ago, the unexpired term was of no concern. As luck would have it, he became aware that he would imminently be paying an inflated amount for Extending the lease. John arranged for a lease extension just under the wire in July. John and the freeholder eventually settled on sum of £6,000 . If he failed to meet the deadline, the amount would have increased by a minimum £850.

Ashford Kent case:

Last Spring we were approach by Dr V Wood , who completed a basement flat in Ashford Kent in June 2006. We are asked if we could approximate the compensation to the landlord could be to extend the lease by 90 years. Comparative premises in Ashford Kent with an extended lease were in the region of £285,000. The mid-range ground rent payable was £55 invoiced monthly. The lease ran out in 2105. Having 79 years remaining we approximated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 plus professional charges.

Ashford Kent case:

Ms Madeleine Green moved into a garden apartment in Ashford Kent in August 1997. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Comparable flats in Ashford Kent with 100 year plus lease were valued about £193,400. The mid-range ground rent payable was £65 collected per annum. The lease expired on 4 January 2085. Given that there were 59 years unexpired we approximated the premium to the freeholder for the lease extension to be within £21,900 and £25,200 not including expenses.