Kenton leases on domestic deteriorating in value. if your lease has in the region of ninety years left, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you start paying an additional element called marriage value. Leasehold owners in Kenton will usually be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In certain cases you may not qualify. There are prescribed deadlines and formalities to comply with once the process is initiated so it’s wise to be guided by a lawyer during the process.
Leasehold properties in Kenton with over one hundred years remaining on the lease are sometimes 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 to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| 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 Kenton can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor with experience in lease extensions.
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.
Trailing lengthy negotiations with the freeholder of her ground floor flat in Kenton, Catherine initiated the lease extension process just as the lease was approaching the crucial eighty-year mark. The transaction completed in July 2012. The landlord’s fees were kept to an absolute minimum.
Dr Theo Anderson purchased a recently refurbished apartment in Kenton in March 2005. The question was if we could estimate the price would be to extend the lease by a further 90 years. Similar premises in Kenton with 100 year plus lease were worth £205,000. The mid-range amount of ground rent was £50 collected annually. The lease elapsed on 6 September 2105. Having 79 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 not including fees.
An example of a Freehold Enfranchisement case for a Kenton residence is 139/139A Masons Avenue in February 2010. this was a case with an absentee freeholder. As a result the leaseholders applied to Willesden County Court for an order dispensing with the giving of a notice of claim.14th October 2009 District Judge Brar granted a vesting order and the court directed that the matter should be transferred to this tribunal to determine the freehold premium. The tribunal concluded on a figure of £13,000 for the freehold interest This case affected 1 flat. The number of years remaining on the existing lease(s) was 74 years.