The only way is down when it comes to Kenton lease terms. Kenton leaseholds that have a lease term less than than eighty years will de-escalate in value at a rapid rate, and the cost of extending your lease will rise.
It is generally considered that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| The Mortgage Works | |
| Virgin |
The lawyers that we work with handle Kenton lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
Trailing protracted negotiations with the freeholder of her one bedroom apartment in Kenton, Sophie commenced the lease extension process just as her lease was approaching the critical 80-year threshold. The legal work was finalised in August 2009. The landlord’s costs were negotiated to about 650 GBP.
In 2011 we were called by Dr O Hill who, having owned a one bedroom apartment in Kenton in February 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by a further 90 years. Comparable homes in Kenton with 100 year plus lease were worth £206,200. The mid-range amount of ground rent was £60 collected annually. The lease finished in 2082. Taking into account 56 years left we calculated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 exclusive of professional charges.
An example of a Freehold Enfranchisement matter before the tribunal for a Kenton property 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 unexpired residue of the current lease was 74 years.