Keston residential property owned on a long lease is a wasting asset as the leaseholder only owns the property for a period of years.
It is generally accepted that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional 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.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Halifax | |
| Nationwide Building Society | |
| Skipton Building Society | |
| TSB |
Lease extensions in Keston can be a difficult process. We recommend you secure guidance from a conveyancer and valuer with experience in this area.
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 in-depth market knowledge 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.
In recent months Theo, came dangerously close to the 80-year threshold with the lease on his first floor apartment in Keston. Having purchased his property two decades ago, the lease term was of minimal bearing. Luckily, he realised he would soon be paying way over the odds for a lease extension. Theo extended the lease just in the nick of time last January. Theo and the landlord in the end settled on an amount of £5,500 . If he not met the deadline, the price would have gone up by a minimum £975.
Mr and Mrs. I Carter completed a garden apartment in Keston in June 2007. We are asked if we could approximate the premium would be for a ninety year extension to my lease. Identical premises in Keston with an extended lease were valued about £198,800. The mid-range ground rent payable was £55 billed every twelve months. The lease elapsed on 23 August 2081. Considering the 55 years remaining we estimated the premium to the freeholder to extend the lease to be within £33,300 and £38,400 plus legals.
An example of a Lease Extension matter before the tribunal 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 was in relation to 1 flat. The unexpired lease term was 50.57 years.