Why you should commence your Kenton lease extension

Main reasons to commence your Kenton lease extension today:

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

The nearer a domestic lease in Kenton gets to zero years unexpired, the more it reduces the value of the property. Where the lease has, in excess of 100 years to run then this decrease may be of little impact however there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should consider extending without delay. Many flat owners in Kenton will meet the qualifying criteria; however a conveyancing solicitor should be able to advise whether you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Kenton with more than one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders may not loan monies on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to become jittery at around 75 years. This will cause difficulties as and when you wish to sell or remortgage your flat as it will be practically unmortgageable. Even though you may have no immediate plan to sell but when you do your purchaser must hold off for a couple of years before they can exercise the right to a a lease extension.

What makes us experts in Kenton lease extensions?

Retaining our service gives you increased control over the value of your Kenton leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Kenton Lease Extension Case Summaries:

Michael, Kenton, North London,

Michael was the the leasehold proprietor of a conversion flat in Kenton on the market with a lease of fraction over 61 years remaining. Michael on an informal basis spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Michael to invoke his statutory right. Michael obtained expert advice and secured satisfactory deal informally and ending up with a market value flat.

Kenton case:

Mr A Cooper acquired a one bedroom flat in Kenton in September 2005. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Identical residencies in Kenton with an extended lease were in the region of £250,400. The average amount of ground rent was £65 collected per annum. The lease ran out on 18 October 2090. Taking into account 64 years as a residual term we estimated the premium to the landlord for the lease extension to be within £19,000 and £22,000 not including costs.