Why you should commence your Kenley lease extension

Why you should commence your Kenley lease extension today:

Increase your lease and increase your Kenley property value

Kenley leases on residential deteriorating in value. Where your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. If lease term falls under eighty years, you will then have to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Kenley will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to check if you qualify. In certain situations you may not be entitled. There are prescribed deadlines and procedures to follow once the process is initiated so it’s sensible to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions will not grant a mortgage with a short lease

Banks and building societies are really clamping down as regards to homes in Kenley with short leases. For instance you may find that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you needed to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus limiting the amount of prospective purchasers.

Why use us for your lease extension in Kenley?

The conveyancing solicitors that we work with procure Kenley lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Kenley Lease Extension Example Cases:

Millie, Kenley, Surrey,

In the wake of 9 months of protracted negotiations with the freeholder of her ground floor apartment in Kenley, Millie commenced the lease extension process as the eighty year deadline was fast advancing. The legal work completed in April 2015. The landlord’s costs were kept to an absolute minimum.

Kenley case:

Ms E Scott acquired a one bedroom apartment in Kenley in October 1998. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Similar flats in Kenley with a long lease were in the region of £242,600. The mid-range amount of ground rent was £45 billed per annum. The lease ran out on 12 August 2093. Given that there were 67 years outstanding we approximated the compensation to the landlord to extend the lease to be within £11,400 and £13,200 not including legals.