Kentish Town Lease Extension - Free Consultation

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Before you progress with your lease extension in Kentish Town
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Why you should start your Kentish Town lease extension

Main reasons to commence your Kentish Town lease extension today:

Increase your lease and increase your Kentish Town property value

Chances are that if you own a flat in Kentish Town you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to loan monies with a short lease

Banks and building societies are inclined not lend on short residential leases. You are likely to encounter difficulties if you need to sell your flat in Kentish Town if the unexpired term of your lease is less than the criteria set by most banks and building societies. Different lenders have varying criteria but on the whole theyrequire a minimum remaining lease term of 65 years.

Lender Requirement
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Royal Bank of Scotland Mortgage term plus 30 years.

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

The conveyancing solicitors that we work with handle Kentish Town 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.

Kentish Town Lease Extension Case Studies:

Evan, Kentish Town, North London

In recent months Evan, came critically near to the eighty-year threshold with the lease on his purpose- built apartment in Kentish Town. In buying his home 18 years previously, the lease term was of no importance. As luck would have it, he recognised he needed to take steps soon on a lease extension. Evan was able to extend his lease just ahead of time in January. Evan and the landlord in the end settled on the final figure of £6,000 . If he not met the deadline, the price would have escalated by a minimum £1,125.

Kentish Town case:

In 2011 we were e-mailed by Mr and Mrs. L Phillips who, having took over the lease of a ground floor flat in Kentish Town in September 2005. The dilemma was if we could approximate the premium could be to extend the lease by a further 90 years. Comparable premises in Kentish Town with an extended lease were valued about £255,000. The average amount of ground rent was £50 billed per annum. The lease concluded on 8 February 2095. Having 70 years remaining we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including legals.

Decision in Camden

An example of a Lease Extension matter before the tribunal for a Kentish Town flat is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case related to 1 flat. The unexpired term was 64.77 years.