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

The nearer a domestic lease in Kingston upon Thames nears to zero years unexpired, the the greater the reduction in the value of the property. Where the residual term has, beyond 125 years remaining then this decrease may be fractional that being said there will become a point in time when a lease has less than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. 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; nevertheless a conveyancing solicitor will be able to confirm if you qualify for a lease extension. In limited situations you may not qualify, the most frequent 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 premises in Kingston upon Thames with over one hundred years unexpired on the lease are often 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 buying the reversionary interest unless savings on ground rent and service charges merit it.

Banks and Building Societies may decide not to grant a mortgage with a short lease

Why use us for your lease extension in Kingston upon Thames?

The conveyancing solicitors that we work with procure 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 Summaries:

Hugo, Kingston upon Thames, South West London

Last year Hugo, came precariously close to the 80-year mark with the lease on his leasehold flat in Kingston upon Thames. Having purchased his home twenty years ago, the unexpired term was of minimal bearing. Luckily, he realised he needed to take action soon on Extending the lease. Hugo extended the lease at the eleventh hour last January. Hugo and the landlord eventually settled on a premium of £5,000 . If he failed to meet the deadline, the sum would have gone up by a minimum £1,150.

Kingston upon Thames case:

Last Spring we were called by Dr G Lambert , who was assigned a lease of a ground floor flat in Kingston upon Thames in January 2011. The question was if we could estimate the premium would likely be for a ninety year lease extension. Identical homes in Kingston upon Thames with a long lease were worth £181,200. The mid-range ground rent payable was £65 collected per annum. The lease expired in 2082. Considering the 56 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £29,500 and £34,000 not including costs.