Why you should commence your Kenton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Kenton property value

The value of Kenton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate materialy once the unexpired lease term is less than eighty years

An extended lease has roughly the same value as a freehold

Leasehold residencies in Kenton with over one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may not lend with a short lease

Mortgage lenders have set criteria when lending funds charged on leasehold homes. Many will simply refrain from lending at all once the residual lease term goes lower than a certain unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired term of less than 75 years as adequate security. As well as this being important when selling, it is also relevant if you are intending to remortgage your Kenton home.

Why use us for your lease extension in Kenton?

Lease extensions in Kenton can be a difficult process. We recommend you secure professional help from a conveyancer 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 dealing with Kenton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Kenton Lease Extension Case Summaries:

Mason, Kenton, North London,

Mason was the the leasehold owner of a 2 bedroom apartment in Kenton on the market with a lease of just over 59 years remaining. Mason on an informal basis spoke with his freeholder a well known local-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £200 yearly. No ground rent would be payable on a lease extension were Mason to invoke his statutory right. Mason obtained expert legal guidance and secured an acceptable resolution without going to tribunal and readily saleable.

Kenton case:

Last Spring we were phoned by Ms O Morgan , who took over the lease of a basement flat in Kenton in March 2012. The question was if we could estimate the price could be to prolong the lease by ninety years. Comparative flats in Kenton with a long lease were in the region of £243,000. The mid-range ground rent payable was £65 billed quarterly. The lease termination date was in 2089. Given that there were 63 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £20,000 and £23,000 not including legals.