Kew leases on domestic deteriorating in value. Where your lease has about ninety years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to be in place before the term of the current lease falls below eighty years - otherwise a higher amount will be payable. Leasehold owners in Kew will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancer to check your eligibility. In certain cases you may not be entitled. There are also strict deadlines and procedures to comply with once the process is triggered so it’s wise to be guided by a conveyancing solicitor during the process.
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 further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Godiva Mortgages | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
Using our service gives you better control over the value of your Kew leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Last year Finley, came precariously near to the eighty-year mark with the lease on his leasehold flat in Kew. In buying his property two decades ago, the lease term was of little importance. by good luck, it dawned on him that he needed to take steps soon on Extending the lease. Finley extended the lease at the eleventh hour last June. Finley and the freeholder eventually agreed on an amount of £5,500 . If he had missed the deadline, the price would have gone up by a minimum £975.
Last February we were contacted by Mrs T Anderson , who owned a basement flat in Kew in September 2003. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparative properties in Kew with an extended lease were in the region of £250,400. The mid-range ground rent payable was £65 billed yearly. The lease concluded on 14 March 2090. Taking into account 64 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £19,000 and £22,000 exclusive of legals.
An example of a Lease Extension case for a Kew premises is Flat 1 30 Ennismore Avenue in September 2010. the Tribunal adopted and arrived at a premium for the lease extension of £29, 900 This case affected 1 flat. The unexpired residue of the current lease was 68.34 years.