Kingston Park leases on domestic properties are gradually losing value. if your lease has approximately 90 years left, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for a lease extension to take place before the term of the existing lease drops below eighty years - otherwise a higher amount will be payable. Flat owners in Kingston Park will usually qualify for a lease extension; however a solicitor should be able confirm if you qualify. In some situations you may not be entitled. There are prescribed timetables and procedures to follow once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.
Leasehold premises in Kingston Park with over 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Retaining our service will provide you enhanced control over the value of your Kingston Park leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Trailing protracted negotiations with the landlord of her studio apartment in Kingston Park, Ellen commenced the lease extension process just as the lease was approaching the all-important eighty-year mark. The lease extension was concluded in September 2013. The freeholder’s charges were kept to an absolute minimum.
Last Summer we were contacted by Mrs Amelia Moore , who acquired a ground floor apartment in Kingston Park in June 2001. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by ninety years. Comparative flats in Kingston Park with a long lease were worth £191,400. The average ground rent payable was £55 billed quarterly. The lease concluded in 2080. Given that there were 54 years unexpired we estimated the compensation to the landlord for the lease extension to be between £34,200 and £39,600 plus legals.
Mr and Mrs. H Davis bought a ground floor apartment in Kingston Park in November 2005. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Identical residencies in Kingston Park with 100 year plus lease were worth £295,000. The average ground rent payable was £45 collected yearly. The lease ran out in 2100. Given that there were 74 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of expenses.