Main reasons to start your Kew lease extension
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Main reasons to start your Kew lease extension today:
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/kew">Kew</a> property value </h4>
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Kew leases on residential deteriorating in value. Where your lease has about ninety years left, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you start paying an additional element called marriage value. Flat owners in Kew will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancer to confirm your eligibility. In some circumstances you may not be entitled. There are prescribed deadlines and formalities to follow once the process is triggered so it’s wise to be guided by a conveyancer during the process.
<h4>Kew property with a lease extension is almost the same value as a freehold</h4>
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Leasehold residencies in Kew with over one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it. <h4>Banks and Building Societies may decide not to grant a mortgage with a short lease</h4> The definition of a short lease varies by mortgage company, yet lending institutions start to get jittery at around 75 years. This may cause difficulties as and when you need to dispose of or refinance your flat as it will be practically unmortgageable. You might have no immediate plan to sell but when you do your purchaser must wait two years before they can exercise the right to a an extension to the lease.
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<tr><th>Lender</th>
<th> Requirement
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<td>Barnsley Building Society</td>
<td> 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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<td>Leeds Building Society</td>
<td> 85 years remaining from the start of the mortgage.
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<td>National Westminster Bank</td>
<td> Mortgage term plus 30 years.<br /><br />For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
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<td>Skipton Building Society</td>
<td> 85 years from the date of completion of the mortgage<br /><br />For Buy to Let cases:<br />- lettings must not breach any of the lessee’s covenants; and<br />- consent of the lessor to lettings must be obtained if necessary
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<td>TSB</td>
<td> Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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What makes us experts in Kew lease extensions?
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<p> Using our service gives you enhanced control over the value of your Kew leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell.
The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions. <h4>
Kew Lease Extension Example Cases:
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<h5> Luke, Kew, South West London,</h5>
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Luke owned a 2 bedroom apartment in Kew on the market with a lease of just over sixty years left. Luke on an informal basis contacted his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Luke to invoke his statutory right. Luke obtained expert advice and secured satisfactory resolution without going to tribunal and ending up with a market value flat.
<h5>Kew case:</h5>
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Last year we were approach by Mr and Mrs. Y Sánchez , who
was assigned a lease of a studio flat in Kew in June 2003. The dilemma was if we could shed any light on how much (approximately) premium would likely be to extend the lease by ninety years. Comparative premises in Kew with a long lease were worth £295,000. The average amount of ground rent was £50 invoiced quarterly. The lease lapsed on 11 January 2101. Having 75 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus expenses.
<div> <h5>Decision in Hounslow</h5>
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An example of a Lease Extension case for a Kew residence 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.
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