Main reasons to commence your Kew lease extension

Main reasons to commence your Kew lease extension today:

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

Kew leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. It is the case that most Kew tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Kew you must check if your lease has between seventy and 90 years left. There are good reasons why a Kew leaseholder with a lease having around eighty years unexpired should take action to ensure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

Leasehold residencies in Kew with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies will not finance a property on a short lease

Why use us for your lease extension in Kew?

Retaining our service gives you enhanced control over the value of your Kew leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Kew Lease Extension Example Cases:

Ollie, Kew, South West London

Twenty four months ago Ollie, came very close to the 80-year threshold with the lease on his first floor flat in Kew. In buying his home two decades ago, the lease term was of no bearing. by good luck, he became aware that he needed to take action soon on a lease extension. Ollie extended the lease just in the nick of time in May. Ollie and the freeholder via the management company subsequently agreed on an amount of £5,500 . If he failed to meet the deadline, the premium would have increased by a minimum £925.

Kew case:

Last Spring we were contacted by Mrs F Lewis , who completed a one bedroom flat in Kew in October 2007. We are asked if we could estimate the price would likely be to prolong the lease by an additional years. Identical flats in Kew with an extended lease were valued around £257,800. The average amount of ground rent was £65 billed monthly. The lease ran out on 28 September 2091. Considering the 65 years outstanding we calculated the compensation to the landlord for the lease extension to be between £17,100 and £19,800 not including costs.