Stop! Your Lease Extension in South Kensington Could Be FREE

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Many leaseholders in South Kensington are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in South Kensington has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to commence your South Kensington lease extension

Top reasons for lease extension now:

Increase your lease and increase your South Kensington property value

As the the remaining lease term of a South Kensington residential lease diminished so does its value and therefore the value of your property. Where the lease has, more than 125 years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main logic behind why you should consider extending without delay. The majority of flat owners in South Kensington will meet the qualifying criteria; nevertheless a lawyer can advise whether you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to loan monies on a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to become jittery at around 75 years. This will be problematic once you come to dispose of or remortgage your flat as it will be effectively unmortgageable. Even though you might have no imminent intention to sell but when you do your purchaser must wait two years before they can initiate the legal procedures for a lease extension.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Halifax Minimum 70 years from the date 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.

Why use us for your lease extension in South Kensington?

Retaining our service gives you better control over the value of your South Kensington leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

South Kensington Lease Extension Case Studies:

Zoe, South Kensington, West London,

In the wake of eight months of unsuccessful discussions with the landlord of her studio flat in South Kensington, Zoe initiated the lease extension process just as her lease was coming close to the crucial 80-year threshold. The lease extension completed in April 2014. The landlord’s charges were kept to an absolute minimum.

South Kensington case:

Last year we were called by Mrs Ellie Campbell , who acquired a ground floor apartment in South Kensington in June 2011. We are asked if we could approximate the price would likely be for a ninety year extension to my lease. Comparative premises in South Kensington with a long lease were worth £290,000. The mid-range amount of ground rent was £45 invoiced yearly. The lease expired in 2099. Considering the 73 years left we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus fees.

Decision in Kensington and Chelsea

An example of a Lease Extension matter before the tribunal for a South Kensington residence is Flat 16 21/22 Stanhope Gardens in November 2010. the Leasehold Valuation Tribunal concluded that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993, was £106,975 This case was in relation to 1 flat. The unexpired term was 51.93 years.