Kenton residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a period of years.
Leasehold premises in Kenton with in excess of one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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 |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Using our service will provide you enhanced control over the value of your Kenton leasehold, as your property will be more valuable and saleable in relation to the lease length should you want 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.
Alfie was the the leasehold proprietor of a conversion flat in Kenton on the market with a lease of just over 61 years unexpired. Alfie on an informal basis approached his freeholder a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Alfie to invoke his statutory right. Alfie obtained expert legal guidance and secured an acceptable resolution without resorting to tribunal and readily saleable.
Last month we were called by Mr and Mrs. O Rivera , who took over the lease of a basement apartment in Kenton in April 1996. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year lease extension. Comparative premises in Kenton with an extended lease were in the region of £275,000. The mid-range ground rent payable was £45 collected annually. The lease lapsed in 2094. Taking into account 69 years remaining we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus expenses.
An example of a Freehold Enfranchisement decision for a Kenton premises 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 was in relation to 1 flat. The unexpired term was 74 years.