With a domestic leasehold premises in Kentish Town, you are actually purchasing an entitlement to live in a property for a prescribed time frame. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about extending the lease sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease becomes disproportionately more expensive especially once there are fewer than 80 years left. Leasehold owners in Kentish Town with a lease nearing 81 years unexpired should seriously consider extending it without delay. When a lease has under 80 years left, under the current legislation the landlord is entitled to calculate and levy a greater amount, assessed on a technical calculation, known as “marriage value” which is payable.
Leasehold residencies in Kentish Town with over one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Kentish Town can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 procuring Kentish Town lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Christmas Riley, started to get near to the eighty-year mark with the lease on his garden apartment in Kentish Town. Having purchased his flat 19 years previously, the lease term was of little concern. by good luck, he recognised he would soon be paying an escalated premium for a lease extension. Riley extended the lease at the eleventh hour in March. Riley and the landlord subsequently agreed on an amount of £5,500 . If the lease had dipped lower than eighty years, the price would have escalated by a minimum £1,100.
Mrs V Smith took over the lease of a one bedroom flat in Kentish Town in June 2006. We are asked if we could shed any light on how much (roughly) price would be to prolong the lease by a further 90 years. Similar flats in Kentish Town with a long lease were valued around £260,000. The average ground rent payable was £50 invoiced yearly. The lease lapsed on 15 February 2097. Considering the 72 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including professional charges.
An example of a Lease Extension case for a Kentish Town residence is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case related to 1 flat. The remaining number of years on the lease was 64.77 years.