Main reasons to start your Kew lease extension

Why you should start your Kew lease extension today:

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

The nearer a domestic lease in Kew gets to zero years unexpired, the more it reduces the value of the property. Where the lease has, over 99 years remaining then this decrease may be negligible that being said there will become a point in time when a lease has under than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main reason why you should consider extending sooner as opposed to later. Most flat owners in Kew will meet the qualifying criteria; that being said a lawyer can advise if you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease has roughly the same value as a freehold

Leasehold premises in Kew with over 100 years left 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 property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Lending institutions may decide not to finance a property with a short lease

Mortgage companies will not grant a mortgage on short residential leases. You are likely to experience difficulties if you wish to sell your flat in Kew if the unexpired term of your lease is below the criteria set by the majority of mortgage companies. Different lenders have different requirements but on the whole they are looking for a minimum remaining lease term of 65 years.

Why use us for your lease extension in Kew?

Engaging our service gives you increased control over the value of your Kew leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Kew Lease Extension Case Studies:

Lauren, Kew, South West London,

Off the back of lengthy discussions with the freeholder of her first floor flat in Kew, Lauren initiated the lease extension process just as her lease was approaching the critical 80-year deadline. The transaction completed in January 2006. The freeholder’s costs were restricted to less than six hundred pounds.

Kew case:

Dr O Martínez owned a first floor flat in Kew in June 2003. The dilemma was if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Identical flats in Kew with a long lease were in the region of £208,600. The average amount of ground rent was £60 billed per annum. The lease finished on 11 September 2083. Given that there were 57 years remaining we approximated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 exclusive of fees.