Kingston upon Thames leases on domestic properties are gradually losing value. if your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you start paying an additional element called marriage value. Leasehold owners in Kingston upon Thames will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to confirm your eligibility. In certain cases you may not qualify. There are prescribed deadlines and procedures to comply with once the process has commenced so it’s wise to be guided by a lawyer during the process.
It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for many years in the future.
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset 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. |
Engaging our service will provide you increased control over the value of your Kingston upon Thames leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to unsuccessful discussions with the freeholder of her one bedroom flat in Kingston upon Thames, Jodie initiated the lease extension process just as her lease was nearing the crucial 80-year mark. The legal work was concluded in October 2008. The freeholder’s charges were kept to an absolute minimum.
Last Summer we were e-mailed by Mr and Mrs. T Campbell , who bought a first floor apartment in Kingston upon Thames in March 2011. The question was if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year lease extension. Comparable homes in Kingston upon Thames with a long lease were worth £227,800. The average amount of ground rent was £45 billed quarterly. The lease finished in 2091. Taking into account 65 years left we estimated the premium to the landlord to extend the lease to be within £13,300 and £15,400 not including legals.
An example of a Lease Extension matter before the tribunal for a Kingston upon Thames property 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 affected 1 flat.