Main reasons to commence your Kew lease extension

Why you should commence your Kew lease extension today:

Increase your lease and increase your Kew property value

Kew leases on residential deteriorating in value. Where your lease has about ninety years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for the lease extension to be in place before the term of the existing lease falls lower than 80 years - otherwise a higher amount will be due. Flat owners in Kew will mostly be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to check your eligibility. In certain circumstances you may not qualify. There are also strict deadlines and formalities to comply with once the process is initiated so it’s prudent to be guided by a conveyancer during the process.

Kew property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not grant a mortgage with a short lease

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

Regardless of whether you are a tenant or a freeholder in Kew,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Kew valuers.

Kew Lease Extension Case Summaries:

Andrew, Kew, South West London,

Andrew owned a high value apartment in Kew on the market with a lease of a few days over 61 years outstanding. Andrew on an informal basis approached his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £125 yearly. Ordinarily, ground rent would not be payable on a lease extension were Andrew to invoke his statutory right. Andrew obtained expert advice and secured an acceptable deal without resorting to tribunal and ending up with a market value flat.

Kew case:

In 2009 we were called by Ms Isabel Roux who, having took over the lease of a first floor flat in Kew in July 2004. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year extension to my lease. Identical properties in Kew with an extended lease were in the region of £275,000. The mid-range ground rent payable was £45 billed every twelve months. The lease ended on 5 August 2095. Given that there were 69 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of legals.