Top reasons for Kemp Town lease extension

Why you should commence your Kemp Town lease extension today:

A Kemp Town lease depreciates with the years remaining on the lease.

Kemp Town leases on domestic deteriorating in value. Where your lease has about ninety years unexpired, you should start considering the need for a lease extension. If lease term is under 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of 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. Leasehold owners in Kemp Town will usually be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to check if you qualify. In certain situations you may not be entitled. There are also strict deadlines and formalities to comply with once the process has started so it’s best to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

Leasehold properties in Kemp Town with over one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies may decide not to grant a mortgage with a short lease

Banks and building societies do not like short residential leases. You are likely to experience problems if you wish to sell your flat in Kemp Town if the remaining lease term is less than the criteria set by most banks and building societies. Different mortgage companies have varying requirements but in the main they are looking for a minimum remaining lease term of seventy years.

What makes us experts in Kemp Town lease extensions?

Irrespective of whether you are a tenant or a landlord in Kemp Town,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 in-depth market knowledge and the close ties they enjoy with Kemp Town valuers.

Kemp Town Lease Extension Case Summaries:

Jacob, Kemp Town, East Sussex

Two years ago Jacob, came very near to the 80-year threshold with the lease on his purpose- built flat in Kemp Town. In buying his flat two decades ago, the length of the lease was of minimal significance. As luck would have it, he recognised he would imminently be paying way over the odds for a lease extension. Jacob extended the lease at the eleventh hour last August. Jacob and the freeholder in the end agreed on sum of £6,000 . If he had missed the deadline, the figure would have increased by a minimum £1,000.

Kemp Town case:

In 2009 we were phoned by Mr and Mrs. U Smith who, having purchased a first floor flat in Kemp Town in July 2002. The question was if we could estimate the price would likely be for a ninety year lease extension. Comparable homes in Kemp Town with a long lease were worth £300,000. The mid-range ground rent payable was £50 billed per annum. The lease concluded on 5 November 2102. Given that there were 76 years outstanding we approximated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of costs.

Kemp Town case:

Mr Dexter Davis took over the lease of a one bedroom flat in Kemp Town in September 2009. The question was if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparative homes in Kemp Town with 100 year plus lease were in the region of £257,800. The mid-range ground rent payable was £65 billed yearly. The lease termination date was in 2091. Having 65 years remaining we estimated the premium to the landlord for the lease extension to be between £18,100 and £20,800 plus fees.