Top reasons for Kenton lease extension

Main reasons to start your Kenton lease extension today:

Increase your lease and increase your Kenton property value

As the length of the unexpired term of a Kenton domestic lease lessens so does its value and therefore the value of your property. If the residual term has, in excess of 99 years to run then this decrease may be fractional nevertheless there will become a point in time when a lease has less than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease without delay. Many flat owners in Kenton will meet the qualifying criteria; nevertheless a conveyancing solicitor should be able to confirm if you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not loan monies on a short lease

The propensity since the credit crunch has been for mortgage companies to tighten lending requirements across the board - this has extended to the types of security over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. Historically banks would lend on a lease with 25 years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

What makes us experts in Kenton lease extensions?

Lease extensions in Kenton can be a difficult process. We recommend you procure guidance from a lawyer and valuer 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 procuring Kenton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Kenton Lease Extension Example Cases:

Sian, Kenton, North London,

Subsequent to unsuccessful discussions with the freeholder of her leasehold flat in Kenton, Sian commenced the lease extension process just as the lease was approaching the critical 80-year mark. The transaction was finalised in November 2013. The freeholder’s fees were kept to an absolute minimum.

Kenton case:

In 2011 we were e-mailed by Mr N Johnson who, having completed a studio apartment in Kenton in August 2010. The question was if we could shed any light on how much (roughly) price would likely be for a ninety year lease extension. Similar properties in Kenton with 100 year plus lease were in the region of £290,000. The average amount of ground rent was £45 invoiced per annum. The lease concluded on 3 April 2098. Considering the 72 years remaining we estimated the premium to the freeholder to extend the lease to be within £11,400 and £13,200 exclusive of legals.