Main reasons to commence your Kingston upon Thames lease extension

Why you should commence your Kingston upon Thames lease extension today:

Increase your lease and increase your Kingston upon Thames property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will usually be granted for a set period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Kingston upon Thames. Clearly, the term of lease remaining reduces as time goes by. This may slip by relatively unnoticed when the residence has to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to procure a lease extension. Eligible leaseholders in Kingston upon Thames have the legal entitlement to extend the lease for an additional ninety years under Leasehold Reform legislation. You should give careful deliberation before putting off your Kingston upon Thames lease extension. Holding off that expense now likely increases the price you will ultimately have to pay for a lease extension

Kingston upon Thames property with a lease extension has roughly the same value as a freehold

It is generally accepted 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 premises will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to loan monies with a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against flats with shorter lease terms, particularly under 75 years as they are considered to be insufficient for lending purposes.

What makes us experts in Kingston upon Thames lease extensions?

Regardless of whether you are a tenant or a landlord in Kingston upon Thames,the lease extension lawyers 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 upon Thames valuers.

Kingston upon Thames Lease Extension Example Cases:

Sarah, Kingston upon Thames, South West London,

Subsequent to protracted negotiations with the freeholder of her basement apartment in Kingston upon Thames, Sarah initiated the lease extension process as the 80 year deadline was fast nearing. The lease extension was concluded in September 2006. The landlord’s costs were kept to an absolute minimum.

Kingston upon Thames case:

Mrs Rachel Baker completed a ground floor apartment in Kingston upon Thames in August 2003. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by a further 90 years. Similar premises in Kingston upon Thames with a long lease were in the region of £270,000. The mid-range amount of ground rent was £55 collected yearly. The lease elapsed on 19 March 2100. Given that there were 75 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of legals.