Main reasons to start your Kenton lease extension

Top reasons for lease extension now:

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

Kenton leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. It is the case that most Kenton tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Kenton you must see if your lease has between 70 and ninety years left. There are compelling reasons why a Kenton leaseholder with a lease having around eighty years left should take action to make sure that a lease extension is actioned without delay

Kenton property with a lease extension is almost the same value as a freehold

Leasehold properties in Kenton with in excess of 100 years outstanding on the lease are often referred to as ‘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 purchasing the freehold unless savings on ground rent and service charges justify it.

Lenders will not lend on a short lease

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

Engaging our service will provide you better control over the value of your Kenton leasehold, as your property will be more valuable and marketable in respect 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:

Imogen, Kenton, North London,

Trailing lengthy discussions with the landlord of her purpose-built apartment in Kenton, Imogen started the lease extension process as the 80 year mark was quickly advancing. The transaction was finalised in October 2015. The freeholder’s costs were kept to an absolute minimum.

Kenton case:

Last Winter we were approach by Mr Ibrahim Baker , who bought a one bedroom apartment in Kenton in January 2011. We are asked if we could estimate the premium could be to extend the lease by ninety years. Identical properties in Kenton with an extended lease were valued around £181,600. The average amount of ground rent was £55 billed per annum. The lease expiry date was in 2078. Taking into account 52 years remaining we approximated the premium to the freeholder to extend the lease to be within £30,400 and £35,200 not including legals.