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

Kingston upon Thames leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Kingston upon Thames residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Kingston upon Thames you really ought to check if your lease has between 70 and ninety years left. There are good reasons why a Kingston upon Thames leaseholder with a lease having around eighty years remaining should take action to make sure that a lease extension is effected without delay

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for decades to come.

Lenders will not lend on a short lease

Lenders are really clamping down as regards to properties in Kingston upon Thames with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus restricting your market.

What makes us experts in Kingston upon Thames lease extensions?

Regardless of whether you are a tenant or a landlord in Kingston upon Thames,the lease extension experts that we work with will always be prepared 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:

Seth, Kingston upon Thames, South West London,

Seth was the the leasehold proprietor of a 2 bedroom flat in Kingston upon Thames being marketed with a lease of just over sixty years outstanding. Seth on an informal basis contacted his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Seth to invoke his statutory right. Seth procured expert legal guidance and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.

Kingston upon Thames case:

Last November we were contacted by Dr Noah Green , who was assigned a lease of a one bedroom apartment in Kingston upon Thames in August 1998. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by 90 years. Similar premises in Kingston upon Thames with a long lease were valued about £203,200. The average ground rent payable was £65 billed every twelve months. The lease came to a finish on 17 February 2087. Taking into account 61 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £20,000 and £23,000 plus fees.