Why you should commence your Canterbury lease extension

Top reasons for lease extension now:

Increase your lease and increase your Canterbury property value

For anyone whose Canterbury flat is held on a long lease, the message is clear – if nothing is done, the property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent 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 decades to come.

Lending institutions may decide not to grant a mortgage with a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are encountering difficulties in arranging finance or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are deemed to be inadequate security.

What makes us experts in Canterbury lease extensions?

Irrespective of whether you are a tenant or a landlord in Canterbury,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Canterbury valuers.

Canterbury Lease Extension Example Cases:

Isabelle, Canterbury, Kent,

After protracted negotiations with the freeholder of her two bedroom apartment in Canterbury, Isabelle commenced the lease extension process as the 80 year mark was quickly coming. The transaction was concluded in September 2013. The landlord’s charges were restricted to a tad over 450 GBP.

Canterbury case:

Dr B Morris took over the lease of a one bedroom flat in Canterbury in May 2006. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Identical residencies in Canterbury with a long lease were in the region of £264,000. The average ground rent payable was £60 collected annually. The lease termination date was on 17 November 2079. Having 53 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £37,100 and £42,800 plus costs.

Canterbury case:

In 2012 we were contacted by Mr and Mrs. N Parker who, having completed a basement apartment in Canterbury in June 2004. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by a further 90 years. Identical flats in Canterbury with 100 year plus lease were worth £220,400. The mid-range ground rent payable was £45 billed per annum. The lease expiry date was on 20 July 2090. Having 64 years unexpired we approximated the premium to the landlord to extend the lease to be within £16,200 and £18,600 not including fees.