Why you should commence your Kingston upon Thames lease extension

Top reasons for lease extension now:

A Kingston upon Thames leasehold property depreciates with the years remaining on the lease.

The only way is down when it comes to Kingston upon Thames lease terms. Kingston upon Thames flats that have a lease term lower than 80 years will reduce in value even faster, and the cost of extending your lease will rise.

Kingston upon Thames property with a lease extension has roughly the same value as a freehold

Leasehold properties in Kingston upon Thames with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Mortgage lenders may not issue a mortgage on a short lease

Mortgage companies are tightening their criteria and many now want flats to have at least 60 if not 70 years remaining at the expiry of the mortgage. Considering many flats in Kingston upon Thames were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Kingston upon Thames?

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

Kingston upon Thames Lease Extension Example Cases:

Harry, Kingston upon Thames, South West London

Two years ago Harry, started to get near to the eighty-year mark with the lease on his studio flat in Kingston upon Thames. In buying his property 19 years previously, the unexpired term was of minimal importance. by good luck, it dawned on him that he would soon be paying an escalated premium for a lease extension. Harry arranged for a lease extension at the eleventh hour last June. Harry and the landlord who owned the flat above eventually agreed on a premium of £6,000 . If he had missed the deadline, the premium would have become more costly by a minimum £950.

Kingston upon Thames case:

In 2014 we were phoned by Dr M Norbert who, having bought a basement apartment in Kingston upon Thames in April 2004. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Comparative homes in Kingston upon Thames with a long lease were valued around £270,000. The average amount of ground rent was £55 billed annually. The lease expired in 2101. Considering the 75 years left we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus legals.