Stop! Your Lease Extension in Kempston Could Be FREE

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Many leaseholders in Kempston are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Kempston has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Kempston lease extension

Why you should commence your Kempston lease extension today:

Increase your lease and increase your Kempston property value

Chances are that where you own a flat in Kempston you actually own a long leasehold interest over your property

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

It is generally considered that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lenders will not lend with a short lease

Almost all mortgage lenders will be unwilling to grant a mortgage on a lease with under 70 years unexpired - although this varies from lender to lender. A buyer will undoubtedly encounter difficulties to obtain a mortgage and this could result in your Kempston property being difficult to sell or to obtain finance on.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.

What makes us experts in Kempston lease extensions?

Using our service gives you enhanced control over the value of your Kempston leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Kempston Lease Extension Case Studies:

Niamh, Kempston, Bedfordshire,

Subsequent to unsuccessful discussions with the freeholder of her leasehold flat in Kempston, Niamh commenced the lease extension process as the eighty year threshold was quickly nearing. The legal work was finalised in January 2007. The landlord’s charges were kept to an absolute minimum.

Kempston case:

Dr Matthew François was assigned a lease of a first floor flat in Kempston in March 1999. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by an additional years. Comparable homes in Kempston with a long lease were valued around £230,800. The average amount of ground rent was £60 invoiced yearly. The lease terminated in 2086. Taking into account 60 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £24,700 and £28,600 plus expenses.

Kempston case:

Last month we were called by Mrs Madeleine Simon , who moved into a purpose-built apartment in Kempston in August 1995. The dilemma was if we could approximate the premium would be for a 90 year lease extension. Comparable premises in Kempston with an extended lease were in the region of £210,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease concluded in 2106. Having 80 years outstanding we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus professional charges.