Main reasons to start your Kingston upon Thames lease extension

Main reasons to start your Kingston upon Thames lease extension today:

Increase your lease and increase your Kingston upon Thames property value

The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Kingston upon Thames have the legal entitlement to extend the lease for a further ninety years in accordance with statute. Please give careful consideration before delaying your Kingston upon Thames lease extension. Postponing the costs today simply increases the premium you will ultimately have to pay for a lease extension.

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

It is conventional wisdom that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years ahead.

Lenders will not issue a mortgage on a short lease

Almost all mortgage lenders will not lend on a lease with under seventy years unexpired - although this varies between mortgage companies. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this could result in your Kingston upon Thames property being difficult to dispose of or refinance.

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

Irrespective of whether you are a tenant or a freeholder in Kingston upon Thames,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Kingston upon Thames valuers.

Kingston upon Thames Lease Extension Example Cases:

Catherine, Kingston upon Thames, South West London,

In the wake of 6 months of lengthy discussions with the landlord of her garden apartment in Kingston upon Thames, Catherine started the lease extension process just as her lease was approaching the critical 80-year mark. The legal work completed in February 2012. The landlord’s charges were restricted to slightly above four hundred GBP.

Kingston upon Thames case:

In 2013 we were phoned by Mr N Roberts who, having completed a first floor apartment in Kingston upon Thames in August 2002. We are asked if we could approximate the compensation to the landlord would be to extend the lease by a further 90 years. Comparable premises in Kingston upon Thames with an extended lease were worth £242,600. The average amount of ground rent was £45 invoiced monthly. The lease came to a finish in 2093. Considering the 67 years unexpired we calculated the premium to the freeholder for the lease extension to be within £11,400 and £13,200 plus legals.