Kettering leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Kettering residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Kettering you should investigate if your lease has between 70 and 90 years remaining. There are compelling reasons why a Kettering flat owner with a lease having around eighty years unexpired should take action to make sure that a lease extension is put in place without delay
It is generally considered that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Halifax | |
| National Westminster Bank | |
| Santander | |
| Skipton Building Society |
Lease extensions in Kettering can be a difficult process. We recommend you procure guidance 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 Kettering lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Aiden was the the leasehold owner of a 2 bedroom flat in Kettering on the market with a lease of fraction over 61 years outstanding. Aiden informally contacted his landlord a well known local-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Aiden to invoke his statutory right. Aiden obtained expert advice and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.
Dr Maisie Michel purchased a one bedroom apartment in Kettering in March 2006. The question was if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Comparative residencies in Kettering with a long lease were valued about £174,200. The average ground rent payable was £55 billed monthly. The lease finished in 2077. Given that there were 51 years unexpired we estimated the premium to the landlord for the lease extension to be between £31,400 and £36,200 not including costs.
Last October we were called by Mr Austin André , who owned a first floor apartment in Kettering in March 2004. The question was if we could estimate the premium could be for a ninety year extension to my lease. Comparative homes in Kettering with a long lease were in the region of £285,000. The average ground rent payable was £45 collected annually. The lease ran out in 2097. Given that there were 71 years remaining we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of legals.