Top reasons for Keston lease extension

Why you should commence your Keston lease extension today:

Increase your lease and increase your Keston property value

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

An extended lease is almost the same value as a freehold

Leasehold properties in Keston with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Mortgage lenders will not finance a property on a short lease

Most mortgage companies insist on a lengthy amount of time remaining on a leasehold residence before they will consider it as adequate security. Even if you don't require a mortgage, you should keep in mind that it is likely that someone wishing to buy your property in the future might well do, so if they can't get a mortgage, then the value of the property could suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are willing to accept

Get in touch with one of our Keston lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a landlord in Keston,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Keston valuers.

Keston Lease Extension Example Cases:

Toby, Keston, Kent,

Toby owned a studio apartment in Keston being sold with a lease of a few days over 61 years outstanding. Toby informally spoke with his landlord being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Toby to exercise his statutory right. Toby procured expert legal guidance and was able to make an informed judgement and handle with the matter and ending up with a market value flat.

Keston case:

In 2011 we were called by Dr Ellie Parker who, having completed a first floor apartment in Keston in March 1997. The dilemma was if we could estimate the premium would be to extend the lease by 90 years. Identical flats in Keston with a long lease were in the region of £300,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease finished in 2102. Taking into account 76 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of fees.