As the length of the unexpired term of a Keston residential lease lessens so does its value and therefore the value of your property. Where the residual term has, over 100 years to run then this decrease may be of little impact nevertheless there will become a point in time when a lease has under than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main rational as to why you should consider extending without delay. Many flat owners in Keston will qualify for this right; that being said a conveyancing solicitor should be able to advise whether you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Leeds Building Society | |
| Nationwide Building Society | |
| Santander | |
| Skipton Building Society | |
| Virgin |
Retaining our service gives you better control over the value of your Keston leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
In recent months Alex, came critically near to the 80-year mark with the lease on his studio flat in Keston. In buying his flat two decades ago, the unexpired term was of no relevance. As luck would have it, he noticed he would imminently be paying an escalated premium for Extending the lease. Alex was able to extend his lease just under the wire last April. Alex and the landlord ultimately settled on a premium of £5,500 . If he failed to meet the deadline, the amount would have become more costly by at least £950.
Last year we were contacted by Ms Isabel Gray , who was assigned a lease of a basement flat in Keston in November 1999. The dilemma was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparable residencies in Keston with a long lease were worth £248,000. The average ground rent payable was £65 billed per annum. The lease concluded in 2089. Given that there were 63 years outstanding we calculated the compensation to the landlord to extend the lease to be between £20,000 and £23,000 plus expenses.
An example of a Lease Extension decision for a Keston property is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case affected 1 flat. The unexpired term as at the valuation date was 50.57 years.