Main reasons to start your Kew lease extension

Main reasons to commence your Kew lease extension today:

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

Unfortunately that a Kew residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the first few years due to the deflation being disguised by increases in the Kew property prices.Where your lease has approximately ninety years left, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips under eighty years - otherwise a higher amount will be due. The majority of leasehold owners in Kew will be able to extend under the legislation; however a lawyer should be able to confirm if you qualify for an extension. In some cases you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancing solicitor for the duration of the formalities.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to lend with a short lease

Nearly all banks and building societies insist on a lengthy amount of time left on any leasehold residence before they will contemplate it as adequate security. Even if you don't require a mortgage, you should bear in mind that it is likely that someone intending to acquire your property in the future might well do, so in the event that they are not able to secure a mortgage, then the value of your property will likely be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Kew?

Regardless of whether you are a tenant or a freeholder in Kew,the lease extension lawyers that we work with will always be willing 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 Studies:

Lewis, Kew, South West London

During the course of the last few months Lewis, came critically close to the 80-year threshold with the lease on his one bedroom apartment in Kew. Having bought his property 18 years ago, the lease term was of minimal significance. Luckily, he recognised he needed to take action soon on Extending the lease. Lewis arranged for a lease extension just in the nick of time last August. Lewis and the landlord subsequently agreed on sum of £6,000 . If he had missed the deadline, the figure would have become more exhorbitant by a minimum £1,000.

Kew case:

Mr U Martinez bought a one bedroom flat in Kew in May 2004. The dilemma was if we could estimate the price could be for a 90 year extension to my lease. Identical residencies in Kew with 100 year plus lease were worth £200,000. The average amount of ground rent was £50 collected yearly. The lease expired on 17 June 2103. Having 77 years left we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of expenses.