Why you should start your Kenley lease extension

Main reasons to commence your Kenley lease extension today:

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

For those whose Kenley home is held on a long lease, the message is clear – if no remedial action is taken, the property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lending institutions may not grant a mortgage on a short lease

Most banks have tightened lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are deemed to be inadequate for lending purposes.

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

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

Kenley Lease Extension Case Summaries:

Finley, Kenley, Surrey,

Finley was the the leasehold owner of a 2 bedroom flat in Kenley on the market with a lease of a little over fifty eight years outstanding. Finley on an informal basis approached his freeholder a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Finley to invoke his statutory right. Finley obtained expert advice and secured an acceptable resolution informally and ending up with a market value flat.

Kenley case:

Mr Felix Carter purchased a recently refurbished flat in Kenley in July 1998. The question was if we could estimate the premium would be to prolong the lease by ninety years. Similar homes in Kenley with a long lease were in the region of £168,800. The mid-range amount of ground rent was £60 invoiced per annum. The lease finished on 14 June 2081. Given that there were 55 years left we approximated the premium to the landlord for the lease extension to be within £31,400 and £36,200 plus expenses.