Why you should commence your Kenton lease extension

Why you should commence your Kenton lease extension today:

Increase your lease and increase your Kenton property value

Unfortunately that a Kenton residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the first few years due to the loss of value being disguised by increases in the Kenton property prices.Once your lease nears 85ish years, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips lower than eighty years - otherwise a higher amount will be payable. The majority of flat owners in Kenton will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm if you are eligibility. In some cases you may not qualify. There are also strict deadlines and procedures to follow once the process is instigated and you will need to be guided by your conveyancing solicitor for the duration of the formalities.

Kenton property with a lease extension has roughly the same value as a freehold

Leasehold properties in Kenton with more than one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not finance a property on a short lease

Nearly all mortgage companies will be unwilling to lend on a lease with less than 70 years remaining - although this varies between mortgage companies. A purchaser will likely encounter difficulties to obtain a mortgage and this could result in your Kenton property being difficult to sell or remortgage.

What makes us experts in Kenton lease extensions?

Lease extensions in Kenton can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and valuer with experience in this area.

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 in-depth market knowledge 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 Case Summaries:

Archie, Kenton, North London,

Archie was the the leasehold proprietor of a 2 bedroom apartment in Kenton being sold with a lease of fraction over sixty years left. Archie on an informal basis spoke with his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Archie to invoke his statutory right. Archie obtained expert legal guidance and secured satisfactory resolution informally and sell the flat.

Kenton case:

Last Autumn we were e-mailed by Dr Jasmine Collins , who bought a one bedroom apartment in Kenton in November 2012. The question was if we could approximate the price could be to prolong the lease by 90 years. Identical properties in Kenton with 100 year plus lease were worth £198,800. The average ground rent payable was £55 billed monthly. The lease expired in 2081. Having 55 years remaining we calculated the premium to the landlord to extend the lease to be within £33,300 and £38,400 plus professional charges.