Top reasons for Kemp Town lease extension

Main reasons to commence your Kemp Town lease extension today:

Increase your lease and increase your Kemp Town property value

Owning a apartment usually means owning a lease of the property, which has a finite term of years. your lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Kemp Town. Inevitably, the period of lease left reduces as time goes by. This is often ignored and only becomes a problem when the property has to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more it will cost to obtain a lease extension. Qualifying long lease owners in Kemp Town have the legal entitlement to extend the lease for an additional ninety years in accordance with statute. You should give due deliberation before putting off your Kemp Town lease extension. Putting off that expense now only increases the price you will eventually have to pay for a lease extension

Kemp Town property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with over 100 years unexpired lease term is worth approximately 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 many years ahead.

Mortgage lenders will not lend on a short lease

Banks and building societies will not lend on short residential leases. You are likely to encounter problems if you want to sell your flat in Kemp Town if the remaining term of your lease is below the criteria set by most mortgage companies. Different mortgage companies have different requirements but generally they are looking for a minimum remaining lease term of 65 years.

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

Retaining our service gives you better control over the value of your Kemp Town leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Kemp Town Lease Extension Case Summaries:

Tommy, Kemp Town, East Sussex

In 2014 Tommy, came critically close to the eighty-year mark with the lease on his first floor flat in Kemp Town. In buying his home two decades ago, the lease term was of minimal importance. Luckily, it dawned on him that he needed to take steps soon on Extending the lease. Tommy extended the lease at the eleventh hour in August. Tommy and the landlord who owned the flat above ultimately settled on a premium of £5,500 . If the lease had dipped to less than eighty years, the amount would have become more exhorbitant by at least £1,100.

Kemp Town case:

In 2012 we were approached by Dr Jackson Edwards who, having moved into a studio flat in Kemp Town in April 2007. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Comparable homes in Kemp Town with a long lease were in the region of £208,600. The average ground rent payable was £60 collected every twelve months. The lease came to a finish in 2083. Having 57 years left we calculated the premium to the landlord to extend the lease to be between £30,400 and £35,200 plus legals.

Kemp Town case:

Mrs K Rodríguez took over the lease of a recently refurbished flat in Kemp Town in March 2007. We are asked if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Identical premises in Kemp Town with 100 year plus lease were worth £200,000. The average ground rent payable was £50 collected yearly. The lease ended on 13 August 2103. Having 77 years outstanding we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including expenses.