Stop! Your Lease Extension in Kennington Could Be FREE

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Many leaseholders in Kennington are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Kennington has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Kennington lease extension

Main reasons to start your Kennington lease extension today:

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

Kennington residential property held on a long lease is a wasting asset because a leaseholder merely owns the property for a set term.

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 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lenders may decide not to finance a property on a short lease

Banks and building societies vary in their lending requirements. Some set the bar at 75 years outstanding on the lease; others may be willing to lend with anything over seventy years. Below sixty years, it may be impossible to get a mortgage in the first place.

Lender Requirement
Godiva Mortgages
Halifax
National Westminster Bank
Royal Bank of Scotland
Virgin

Why use us for your lease extension in Kennington?

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

Kennington Lease Extension Case Summaries:

Aimee, Kennington, South London,

Off the back of protracted discussions with the freeholder of her basement apartment in Kennington, Aimee initiated the lease extension process just as the lease was nearing the all-important eighty-year deadline. The legal work was concluded in January 2007. The landlord’s charges were kept to an absolute minimum.

Kennington case:

Last Autumn we were approach by Dr Aiden Fournier , who acquired a studio apartment in Kennington in November 2008. The question was if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparable flats in Kennington with 100 year plus lease were valued about £191,400. The average ground rent payable was £55 collected every twelve months. The lease ended in 2080. Considering the 54 years unexpired we approximated the premium to the freeholder to extend the lease to be between £34,200 and £39,600 exclusive of costs.

Decision in Hammersmith and Fulham

An example of a Lease Extension matter before the tribunal for a Kennington property is Ground Floor Flat 39 Bronsart Road in May 2010. Following a vesting order by West London County Court the Leasehold Valuation Tribunal concluded that the price to be paid for the extended lease of the premises was Thirteen Thousand Two hundred pounds (£13,200) in accordance with the valuation. The extended lease was granted for a term of 90 years from the expiry date of the Lease and at a peppercorn ground rent from the date of the vesting order. This case affected 1 flat. The unexpired residue of the current lease was 74.77 years.