Top reasons for Edenbridge lease extension

Top reasons for lease extension now:

A Edenbridge leasehold property depreciates with the years remaining on the lease.

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Edenbridge may extend the lease for an additional ninety years under Leasehold Reform legislation. Do think carefully before delaying your Edenbridge lease extension. Shelving the costs now simply increases the amount you will eventually be required to pay to extend the lease.

An extended lease is almost the same value as a freehold

Leasehold residencies in Edenbridge with over one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Mortgage lenders will not lend with a short lease

Banks and building societies are making their criteria more stringent and many now require flats to have at least sixty if not seventy years remaining at the end of the mortgage. Given that many flats in Edenbridge were built in the fifties, sixties and seventies as a result many now require lease extensions if they wish to get a mortgage.

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

Lease extensions in Edenbridge can be a difficult process. We recommend you secure professional help from a lawyer and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Edenbridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Edenbridge Lease Extension Case Summaries:

Thomas, Edenbridge, Kent

Two years ago Thomas, started to get close to the 80-year threshold with the lease on his studio apartment in Edenbridge. Having bought his flat twenty years ago, the length of the lease was of minimal interest. As luck would have it, he realised he would soon be paying way over the odds for a lease extension. Thomas arranged for a lease extension at the eleventh hour in April. Thomas and the landlord who owned the flat above subsequently agreed on a premium of £6,000 . If he not met the deadline, the figure would have increased by a minimum £1,025.

Edenbridge case:

In 2014 we were e-mailed by Mr Kai Bertrand who, having completed a newly refurbished flat in Edenbridge in October 1999. The question was if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Comparable premises in Edenbridge with a long lease were worth £200,000. The mid-range amount of ground rent was £50 collected per annum. The lease expired on 3 February 2103. Having 77 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of costs.

Edenbridge case:

In 2013 we were approached by Dr T King who, having acquired a basement apartment in Edenbridge in January 1998. The dilemma was if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Comparative flats in Edenbridge with a long lease were worth £260,200. The average ground rent payable was £65 invoiced quarterly. The lease ran out on 1 November 2092. Taking into account 66 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £16,200 and £18,600 not including legals.