Top reasons for Kenton lease extension

Main reasons to commence your Kenton lease extension today:

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

When it comes to domestic leasehold property in Kenton, you are actually purchasing a right to reside in a property for a set period of time. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may think about extending the lease sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately more expensive particularly once there are fewer than 80 years remaining. Leasehold owners in Kenton with a lease approaching 81 years unexpired should seriously consider extending it without delay. Once the lease term has fewer than 80 years outstanding, under the current Act the freeholder can calculate and charge a greater amount, based on a technical computation, strangely termed as “marriage value” which is due.

An extended lease is almost the same value as a freehold

Leasehold premises in Kenton with over 100 years outstanding 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 premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.

Lending institutions may decide not to issue a mortgage on a short lease

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

Using our service gives you increased control over the value of your Kenton leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Kenton Lease Extension Example Cases:

Mason, Kenton, North London

Last year Mason, started to get close to the 80-year threshold with the lease on his studio flat in Kenton. Having purchased his property two decades ago, the length of the lease was of minimal concern. Fortunately, he noticed he would imminently be paying way over the odds for a lease extension. Mason arranged for a lease extension at the eleventh hour in July. Mason and the landlord who owned the flat above ultimately settled on an amount of £6,000 . If he had missed the deadline, the price would have gone up by at least £1,000.

Kenton case:

Last Christmas we were contacted by Dr D Ali , who owned a one bedroom apartment in Kenton in November 1998. The question was if we could estimate the premium could be to prolong the lease by 90 years. Comparative premises in Kenton with a long lease were valued about £225,800. The average amount of ground rent was £60 billed per annum. The lease lapsed in 2086. Considering the 60 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £24,700 and £28,600 exclusive of expenses.