Why you should start your Sevenoaks lease extension

Top reasons for lease extension now:

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

Sevenoaks residential property held on a long lease is a depreciating asset as the leaseholder merely owns the property for a set term.

Sevenoaks property with a lease extension is almost the same value as a freehold

Leasehold residencies in Sevenoaks with more than one hundred years left on the lease are often referred to as ‘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 estate charges merit it.

Lending institutions may decide not to finance a property on a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now require flats to have a minimum of sixty if not seventy years left once the mortgage has expired. Considering many flats in Sevenoaks were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

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

Lease extensions in Sevenoaks can be a difficult process. We recommend you procure professional help from a lawyer and valuer 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 Sevenoaks lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Sevenoaks Lease Extension Case Summaries:

Hunter, Sevenoaks, Kent

Twenty four months ago Hunter, started to get close to the 80-year mark with the lease on his garden apartment in Sevenoaks. Having bought his property 18 years ago, the length of the lease was of little relevance. by good luck, he recognised he needed to take action soon on Extending the lease. Hunter was able to extend his lease at the eleventh hour in June. Hunter and the landlord who owned the flat above eventually agreed on an amount of £6,000 . If the lease had descended below 80 years, the figure would have increased by a minimum £975.

Sevenoaks case:

In 2012 we were e-mailed by Mr and Mrs. Y Petit who, having was assigned a lease of a first floor flat in Sevenoaks in February 2011. We are asked if we could estimate the price would be for a 90 year extension to my lease. Comparative premises in Sevenoaks with a long lease were in the region of £260,000. The mid-range ground rent payable was £50 collected annually. The lease concluded in 2098. Taking into account 72 years left we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of fees.

Sevenoaks case:

Dr Stephanie Brooks owned a basement flat in Sevenoaks in May 2010. We are asked if we could estimate the compensation to the landlord would be for a ninety year lease extension. Similar residencies in Sevenoaks with a long lease were in the region of £256,600. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease expired in 2078. Taking into account 52 years left we approximated the premium to the freeholder for the lease extension to be within £41,800 and £48,400 not including costs.