Top reasons for Kenton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Kenton property value

Chances are that where you own a flat in Kenton you actually own a long leasehold interest over your property

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

Leasehold residencies in Kenton with in excess of one hundred years remaining on the lease are sometimes regarded as a ‘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 to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Lending institutions may decide not to lend with a short lease

Banks and building societies will not grant a mortgage on short residential leases. You are likely to encounter problems if you wish to sell your flat in Kenton if the unexpired term of your lease is below the criteria set by most mortgage companies. Different lenders have varying requirements but generally theyrequire a minimum remaining lease term of 65 years.

What makes us experts in Kenton lease extensions?

Regardless of whether you are a tenant or a freeholder in Kenton,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Kenton valuers.

Kenton Lease Extension Case Studies:

Finn, Kenton, North London,

Finn was the the leasehold proprietor of a 2 bedroom flat in Kenton on the market with a lease of a few days over fifty eight years unexpired. Finn on an informal basis spoke with his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Finn to exercise his statutory right. Finn obtained expert legal guidance and secured an acceptable deal informally and readily saleable.

Kenton case:

Last Winter we were called by Ms O Leroy , who owned a purpose-built flat in Kenton in June 1999. We are asked if we could approximate the premium would likely be to prolong the lease by ninety years. Identical homes in Kenton with an extended lease were valued about £285,000. The average ground rent payable was £45 collected quarterly. The lease terminated in 2097. Having 71 years left we estimated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including professional charges.