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Why you should commence your Kew lease extension

Why you should commence your Kew lease extension today:

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

Kew residential property held on a long lease is a depreciating asset because a leaseholder merely owns the property for a period of years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for many years in the future.

Lending institutions may decide not to lend on a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly under 75 years as they are deemed to be insufficient security.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

What makes us experts in Kew lease extensions?

Lease extensions in Kew can be a difficult process. We recommend you procure guidance from a lawyer and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Kew lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Kew Lease Extension Example Cases:

Dexter, Kew, South West London

Last year Dexter, came dangerously close to the 80-year mark with the lease on his first floor flat in Kew. Having purchased his property two decades ago, the length of the lease was of little interest. Fortunately, it dawned on him that he needed to take steps soon on Extending the lease. Dexter arranged for a lease extension just under the wire last July. Dexter and the freeholder via the managing agents ultimately agreed on an amount of £5,000 . If the lease had slid below eighty years, the premium would have gone up by at least £1,025.

Kew case:

Dr V Campbell purchased a basement flat in Kew in February 2003. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Comparable properties in Kew with a long lease were in the region of £191,400. The average amount of ground rent was £55 collected quarterly. The lease expired in 2079. Having 54 years left we estimated the compensation to the freeholder to extend the lease to be between £34,200 and £39,600 exclusive of fees.

Decision in Hounslow

An example of a Lease Extension matter before the tribunal 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 related to 1 flat. The remaining number of years on the lease was 68.34 years.