Main reasons to commence your Kingston upon Thames lease extension

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

Increase your lease and increase your Kingston upon Thames property value

The closer a residential lease in Kingston upon Thames nears to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, beyond 125 years remaining then this decrease may be fractional however there will become a point in time when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should extend the lease without delay. Many flat owners in Kingston upon Thames will meet the qualifying criteria; that being said a conveyancer will be able to advise whether you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.

An extended lease is almost the same value as a freehold

Leasehold residencies in Kingston upon Thames with in excess of 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions will not loan monies on a short lease

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

The conveyancers that we work with undertake Kingston upon Thames lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Kingston upon Thames Lease Extension Example Cases:

Alfie, Kingston upon Thames, South West London

Two years ago Alfie, started to get close to the eighty-year threshold with the lease on his purpose- built apartment in Kingston upon Thames. Having purchased his flat two decades ago, the unexpired term was of minimal significance. Thankfully, he realised he would soon be paying way over the odds for a lease extension. Alfie was able to extend his lease just under the wire last September. Alfie and the landlord in the end settled on an amount of £6,000 . If the lease had dipped lower than eighty years, the sum would have gone up by at least £1,025.

Kingston upon Thames case:

Last Autumn we were approach by Mrs Ellen Martinez , who bought a purpose-built flat in Kingston upon Thames in May 2007. The dilemma was if we could estimate the price would likely be to prolong the lease by a further 90 years. Similar premises in Kingston upon Thames with 100 year plus lease were valued about £261,600. The average ground rent payable was £60 collected every twelve months. The lease expiry date was on 15 November 2078. Having 52 years remaining we calculated the compensation to the freeholder to extend the lease to be within £39,000 and £45,000 plus expenses.