Top reasons for Kenton lease extension

Main reasons to start your Kenton lease extension today:

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

Unfortunately that a Kenton residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the reduction being disguised by increases in the Kenton property market.Once your lease nears 85ish years, you need to start considering a lease extension. If the number of years remaining dips under eighty years, you will end up paying 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property Most leasehold owners in Kenton will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify whether you qualify for an extension. In some cases you may not be entitled. There are also strict timetables and procedures to follow once the process is initiated and you will need to be guided by your conveyancer from beginning to end of the formalities.

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

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the residence will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not issue a mortgage on a short lease

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to get concerned 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 might have no immediate plan to sell but when you do your buyer must hold off for a couple of years before they can commence the legal procedures for an extension to the lease.

What makes us experts in Kenton lease extensions?

Regardless of whether you are a tenant or a landlord 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 experience and the close ties they enjoy with Kenton valuers.

Kenton Lease Extension Case Studies:

Samantha, Kenton, North London,

In the wake of 6 months of protracted discussions with the landlord of her garden apartment in Kenton, Samantha commenced the lease extension process just as the lease was nearing the crucial eighty-year mark. The transaction was concluded in June 2006. The landlord’s costs were restricted to less than 600 pounds.

Kenton case:

In 2009 we were e-mailed by Mr and Mrs. E Young who, having took over the lease of a studio apartment in Kenton in September 1999. We are asked if we could shed any light on how much (approximately) price would likely be to prolong the lease by an additional years. Comparable flats in Kenton with an extended lease were worth £300,000. The mid-range amount of ground rent was £50 collected monthly. The lease end date was on 8 February 2102. Having 76 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of fees.