Main reasons to start your Kew lease extension

Top reasons for lease extension now:

Increase your lease and increase your Kew property value

Chances are that if you own a flat in Kew you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is generally considered that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for many years in the future.

Lending institutions may decide not to loan monies with a short lease

Most banks have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly below 75 years as they are deemed to be deficient for lending purposes.

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

Engaging our service gives you better control over the value of your Kew leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Kew Lease Extension Case Studies:

Isaac, Kew, South West London,

Isaac owned a high value apartment in Kew on the market with a lease of a few days over fifty eight years unexpired. Isaac on an informal basis approached his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Isaac to invoke his statutory right. Isaac procured expert advice and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.

Kew case:

In 2009 we were called by Mr S Green who, having acquired a recently refurbished flat in Kew in January 2008. We are asked if we could approximate the premium would be for a ninety year extension to my lease. Identical flats in Kew with a long lease were valued around £233,200. The mid-range ground rent payable was £60 collected annually. The lease concluded on 15 April 2087. Having 61 years remaining we estimated the compensation to the landlord for the lease extension to be within £22,800 and £26,400 not including fees.