Main reasons to commence your Kingston upon Thames lease extension

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

Increase your lease and increase your Kingston upon Thames property value

Chances are that where you own a flat in Kingston upon Thames you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold properties in Kingston upon Thames with more than one hundred years left on the lease are often referred to as ‘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 estate charges merit it.

Lending institutions may decide not to issue a mortgage with a short lease

Mortgage companies are making their criteria more stringent and many now expect flats to have a minimum of sixty if not seventy years remaining at the end of the mortgage. Considering many flats in Kingston upon Thames were created in the fifties, sixties and seventies as a result many now require lease extensions if they if they are to be mortgageable.

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

Retaining our service will provide you better 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 are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Kingston upon Thames Lease Extension Example Cases:

Gabriel, Kingston upon Thames, South West London,

Gabriel was the the leasehold owner of a 2 bedroom flat in Kingston upon Thames on the market with a lease of a little over 59 years outstanding. Gabriel on an informal basis spoke with his freeholder a well known local-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £200 yearly. Ordinarily, ground rent would not be payable on a lease extension were Gabriel to exercise his statutory right. Gabriel procured expert advice and secured satisfactory resolution without going to tribunal and ending up with a market value flat.

Kingston upon Thames case:

Dr P Carter took over the lease of a studio apartment in Kingston upon Thames in May 2001. The dilemma was if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Similar homes in Kingston upon Thames with an extended lease were in the region of £285,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease terminated in 2105. Considering the 79 years left we approximated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 not including costs.