Why you should start your Keston lease extension

Top reasons for lease extension now:

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

The re-sale value of a leasehold property in Keston depends on how long the lease has remaining. If it is near to or less than 80 years you should foresee difficulties on re-sale, so it is advisable to arrange for a lease extension ahead of purchasing. It is ideal to start the lease extension process when a lease still has 82 years remaining so that all matters can be finalised well before the 80 year mark. Current legislation entitles Keston qualifying lessees to a 90 year extension added to their residual lease term (ie if your lease has 50 years remaining the statutory lease extension will provide a new term of 140 years). The purpose of the valuation is to determine the premium payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not finance a property on a short lease

Most mortgage lenders have tightened lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly under 75 years as they are considered to be inadequate for lending purposes.

Why use us for your lease extension in Keston?

Lease extensions in Keston can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

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 dealing with Keston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Keston Lease Extension Example Cases:

Zoe, Keston, Kent,

Trailing unsuccessful negotiations with the freeholder of her one bedroom apartment in Keston, Zoe started the lease extension process just as her lease was nearing the crucial eighty-year deadline. The lease extension was concluded in June 2011. The landlord’s costs were restricted to slightly above 550 pounds.

Keston case:

Last January we were approach by Mr Max Lefebvre , who moved into a studio flat in Keston in May 2001. The dilemma was if we could estimate the price could be to prolong the lease by ninety years. Comparable homes in Keston with an extended lease were worth £267,600. The mid-range ground rent payable was £65 billed annually. The lease came to a finish on 7 September 2093. Having 67 years remaining we estimated the premium to the freeholder to extend the lease to be between £14,300 and £16,400 plus expenses.