Main reasons to start your Kingston upon Thames lease extension

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

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

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Kingston upon Thames can extend the lease for a further 90 years under the 1993 Leasehold Reform Act. Please give careful consideration before delaying your Kingston upon Thames lease extension. Putting off that expense today simply increases the amount you will ultimately have to pay for a lease extension.

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

Leasehold premises in Kingston upon Thames with over 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Lenders may decide not to finance a property with a short lease

The propensity since 2008 has been for mortgage companies to tighten lending criteria generally - this has extended to the property over which the mortgage is to be granted. This has resulted in the minimum number of years remaining under the lease required by banks has increased. In the past banks were content with twenty years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

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

Lease extensions in Kingston upon Thames can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Kingston upon Thames lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Kingston upon Thames Lease Extension Example Cases:

Anna, Kingston upon Thames, South West London,

Subsequent to protracted negotiations with the freeholder of her purpose-built apartment in Kingston upon Thames, Anna initiated the lease extension process as the eighty year threshold was fast coming. The transaction was concluded in February 2006. The freeholder’s fees were negotiated to slightly above 650 GBP.

Kingston upon Thames case:

In 2012 we were called by Mr and Mrs. J Sánchez who, having bought a one bedroom flat in Kingston upon Thames in September 2008. The question was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparative premises in Kingston upon Thames with an extended lease were in the region of £218,000. The mid-range ground rent payable was £45 billed annually. The lease end date was on 3 April 2088. Having 63 years unexpired we approximated the premium to the landlord to extend the lease to be between £17,100 and £19,800 exclusive of fees.