Main reasons to start your Kenley lease extension

Why you should start your Kenley lease extension today:

Increase your lease and increase your Kenley property value

Kenley leases on residential properties are gradually losing value. if your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease dips below this level then you start incurring an additional element called marriage value. Leasehold owners in Kenley will mostly qualify for a lease extension; however a solicitor will confirm your eligibility. In certain situations you may not qualify. There are prescribed deadlines and steps to comply with once the process is triggered so it’s prudent to be guided by a conveyancer during the process.

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

Leasehold residencies in Kenley with in excess of 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders will not finance a property on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to become nervous at around 75 years. This may be problematic as and when you wish to dispose of or remortgage your flat as it will be effectively unmortgageable. Even though you might not have an imminent plan to sell but when you do your buyer must hold off for 2 years before being able to exercise the right to a an extension to the lease.

What makes us experts in Kenley lease extensions?

Engaging our service will provide you better control over the value of your Kenley leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Kenley Lease Extension Example Cases:

Max, Kenley, Surrey

Last year Max, came perilously close to the 80-year mark with the lease on his two bedroom flat in Kenley. In buying his property two decades ago, the unexpired term was of little significance. As luck would have it, he noticed he would imminently be paying an inflated amount for Extending the lease. Max extended the lease just ahead of time last May. Max and the landlord who owned the flat above subsequently settled on sum of £5,000 . If the lease had gone lower than 80 years, the sum would have gone up by a minimum £925.

Kenley case:

In 2011 we were called by Mr and Mrs. P Green who, having moved into a one bedroom apartment in Kenley in July 2007. The question was if we could approximate the premium would be to extend the lease by 90 years. Similar premises in Kenley with a long lease were in the region of £193,400. The mid-range amount of ground rent was £65 collected monthly. The lease elapsed in 2085. Having 59 years remaining we estimated the compensation to the landlord to extend the lease to be between £21,900 and £25,200 exclusive of fees.