Tolworth Lease Extension - Free Consultation

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Main reasons to start your Tolworth lease extension


Main reasons to commence your Tolworth lease extension today:

Increase your lease and increase your Tolworth property value

Tolworth leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Tolworth enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Tolworth you must see if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

Tolworth property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not lend on a short lease

Mortgage Lenders vary in their lending requirements. Some draw the line at seventy five years outstanding on the lease; others may be happy with anything with more than seventy years. With less than 60 years, it may be challenging to get a mortgage at all.

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.
Leeds Building Society 85 years remaining from the start of the mortgage.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Why use us for your lease extension in Tolworth?

Retaining our service gives you increased control over the value of your Tolworth leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Tolworth Lease Extension Example Cases:

Freddie, Tolworth, South West London,

Freddie was the the leasehold owner of a conversion flat in Tolworth on the market with a lease of a few days over 72 years outstanding. Freddie on an informal basis contacted his freeholder being a well known Manchester-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 subject to a rise in the rent to £50 per annum. Ordinarily, ground rent would not be payable on a lease extension were Freddie to invoke his statutory right. Freddie obtained expert advice and was able to make an informed decision and handle with the matter and ending up with a market value flat.

Tolworth case:

In 2014 we were contacted by Mrs Eleanor Peterson who, having was assigned a lease of a one bedroom apartment in Tolworth in October 2002. The question was if we could approximate the premium would likely be for a 90 year extension to my lease. Identical flats in Tolworth with 100 year plus lease were worth £285,000. The mid-range ground rent payable was £45 collected quarterly. The lease concluded in 2096. Given that there were 72 years unexpired we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including costs.

Decision in Kingston upon Thames

An example of a Lease Extension case for a Tolworth premises is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case related to 1 flat.