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Top reasons for Kingston upon Thames lease extension

Top reasons for lease extension now:

Increase your lease and increase your Kingston upon Thames property value

The only way is down when it comes to Kingston upon Thames lease terms. Kingston upon Thames leaseholds that have a lease term less than than eighty years will reduce in market price at a rapid rate, and the cost of extending your lease will rise.

Kingston upon Thames property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders may not lend with a short lease

Nearly all mortgage lenders insist on a lengthy amount of time remaining on a leasehold residence before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should bear in mind that it is probable that someone intending to buy your property in the future might well do, so in the event that they are not able to obtain a mortgage, then the financial worth of your property will likely suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Get in touch with one of our Kingston upon Thames lease extension solicitors or enfranchisement solicitors

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

Kingston upon Thames Lease Extension Case Summaries:

Jayden, Kingston upon Thames, South West London,

Jayden was the the leasehold proprietor of a high value flat in Kingston upon Thames being sold with a lease of just over 59 years left. Jayden informally spoke with his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 annually. No ground rent would be due on a lease extension were Jayden to invoke his statutory right. Jayden obtained expert legal guidance and was able to make an informed decision and handle with the matter and ending up with a market value flat.

Kingston upon Thames case:

Dr Naomi Moore was assigned a lease of a recently refurbished apartment in Kingston upon Thames in October 2010. The dilemma was if we could shed any light on how much (approximately) premium could be for a ninety year extension to my lease. Comparable homes in Kingston upon Thames with a long lease were worth £280,000. The average ground rent payable was £55 billed quarterly. The lease finished on 19 September 2103. Having 78 years outstanding we calculated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 not including professional charges.

Decision in Kingston upon Thames

An example of a Lease Extension case for a Kingston upon Thames property is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case affected 1 flat.