Top reasons for Kingston upon Thames lease extension

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

A Kingston upon Thames leasehold property depreciates with the years remaining on the lease.

The value of Kingston upon Thames leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate significantly once the remaining term is less than 80 years

Kingston upon Thames property with a lease extension is almost the same value as a freehold

Leasehold properties in Kingston upon Thames with in excess of one hundred years remaining on the lease are often referred to as ‘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 purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may not loan monies with a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are considered to be unacceptable for lending purposes.

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

The lawyers that we work with handle 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 lawyer we work with provide it.

Kingston upon Thames Lease Extension Case Studies:

Abigail, Kingston upon Thames, South West London,

Following protracted negotiations with the freeholder of her ground floor apartment in Kingston upon Thames, Abigail started the lease extension process just as the lease was nearing the crucial eighty-year mark. The transaction was concluded in July 2005. The landlord’s costs were kept to an absolute minimum.

Kingston upon Thames case:

Mr and Mrs. D Alexander moved into a basement flat in Kingston upon Thames in May 2004. We are asked if we could approximate the price could be to extend the lease by an additional years. Identical flats in Kingston upon Thames with 100 year plus lease were valued around £235,200. The average amount of ground rent was £45 invoiced per annum. The lease ran out on 1 January 2092. Taking into account 66 years outstanding we estimated the premium to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of expenses.