It’s a harsh certainty that a Keston 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 early years due to the reduction being disguised by increases in the Keston property market.Where your lease has approximately ninety years left, you need to start thinking about 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 dips lower than 80 years - otherwise a higher premium will be payable. The majority of flat owners in Keston will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm if you qualify for an extension. In some cases you may not qualify. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the formalities.
Leasehold properties in Keston with over one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| Halifax | |
| Nationwide Building Society |
Lease extensions in Keston can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor 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 Keston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy discussions with the freeholder of her garden flat in Keston, Millie commenced the lease extension process as the 80 year deadline was swiftly approaching. The legal work completed in April 2011. The landlord’s costs were restricted to slightly above 650 GBP.
Last Spring we were called by Mr and Mrs. C Williams , who completed a studio apartment in Keston in September 2008. We are asked if we could approximate the premium could be to prolong the lease by ninety years. Similar premises in Keston with 100 year plus lease were worth £285,000. The mid-range ground rent payable was £45 invoiced yearly. The lease concluded on 1 February 2098. Given that there were 72 years outstanding we estimated the premium to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of legals.
An example of a Lease Extension decision for a Keston residence 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 number of years remaining on the existing lease(s) was 50.57 years.