Kingston Park leases on domestic properties are gradually losing value. Where your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for a lease extension to be in place before the term of the current lease dips lower than eighty years - otherwise a higher premium will be payable. Leasehold owners in Kingston Park will usually be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In some situations you may not be entitled. There are prescribed deadlines and steps to follow once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold properties in Kingston Park with more than one hundred years left 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 property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Santander | |
| Royal Bank of Scotland |
Regardless of whether you are a tenant or a freeholder in Kingston Park,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Kingston Park valuers.
In recent months Teddy, started to get close to the 80-year threshold with the lease on his leasehold apartment in Kingston Park. Having bought his property 19 years previously, the length of the lease was of minimal relevance. Luckily, he recognised he needed to take steps soon on a lease extension. Teddy extended the lease just under the wire in May. Teddy and the freeholder via the management company subsequently settled on an amount of £5,000 . If he not met the deadline, the amount would have become more costly by at least £1,125.
Mr and Mrs. L Richardson took over the lease of a ground floor apartment in Kingston Park in January 1999. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable homes in Kingston Park with 100 year plus lease were valued around £200,000. The average amount of ground rent was £50 collected yearly. The lease concluded on 27 October 2104. Having 78 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 plus costs.
Mr K Fournier bought a studio flat in Kingston Park in April 2001. The question was if we could approximate the premium would be for a ninety year lease extension. Comparative premises in Kingston Park with 100 year plus lease were in the region of £267,600. The average amount of ground rent was £65 billed per annum. The lease terminated in 2093. Taking into account 67 years remaining we approximated the compensation to the freeholder to extend the lease to be within £14,300 and £16,400 not including professional charges.