Kew leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Most owners of residential leasehold property in Kew enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Kew you should check if your lease has between seventy and 90 years left. There are good reasons why a Kew flat owner with a lease having around eighty years left should take action to ensure that a lease extension is effected without delay
Leasehold properties in Kew with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
Lender | Requirement |
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Accord Mortgages | 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. |
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. |
Lloyds TSB Scotland | 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 |
Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Engaging our service will provide you enhanced control over the value of your Kew leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Trailing unsuccessful negotiations with the freeholder of her leasehold flat in Kew, Amelia commenced the lease extension process just as her lease was approaching the crucial 80-year deadline. The legal work completed in July 2011. The landlord’s charges were kept to an absolute minimum.
In 2009 we were contacted by Mr Sebastian Hernández who, having purchased a basement apartment in Kew in February 1997. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Comparative properties in Kew with an extended lease were valued about £191,400. The mid-range ground rent payable was £55 collected monthly. The lease ran out in 2078. Having 54 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £34,200 and £39,600 not including costs.
An example of a Lease Extension case for a Kew property 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 number of years remaining on the existing lease(s) was 68.34 years.