Why you should 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

When it comes to domestic leasehold premises in Kingston upon Thames, you are actually purchasing a right to live in a property for a prescribed time frame. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly especially once there are fewer than eighty years left. Anyone in Kingston upon Thames with a lease nearing 81 years unexpired should seriously think of extending it as soon as possible. When a lease has under 80 years left, under the current legislation the freeholder can calculate and charge a larger premium, based on a technical computation, strangely termed as “marriage value” which is payable.

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

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for many years ahead.

Lenders may not issue a mortgage with a short lease

Mortgage lenders have set criteria when lending funds secured on leasehold homes. Many will simply refrain from lending at all once the remaining lease term goes under a certain unexpired lease term. Many Mortgage lenders will not consider property with a remaining term of less than 75 years as acceptable security. As well as impacting your ability to sell, it is also relevant where you are intending to refinance your Kingston upon Thames property.

What makes us experts in Kingston upon Thames lease extensions?

The lawyers 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 conveyancer we work with provide it.

Kingston upon Thames Lease Extension Case Summaries:

Phoebe, Kingston upon Thames, South West London,

Off the back of unsuccessful discussions with the freeholder of her one bedroom flat in Kingston upon Thames, Phoebe initiated the lease extension process just as the lease was coming close to the crucial 80-year threshold. The transaction completed in January 2008. The landlord’s charges were negotiated to approximately 500 pounds.

Kingston upon Thames case:

Ms Morgan Smith was assigned a lease of a studio flat in Kingston upon Thames in July 2006. The question was if we could estimate the premium could be to prolong the lease by ninety years. Identical residencies in Kingston upon Thames with an extended lease were valued about £193,400. The mid-range ground rent payable was £65 billed per annum. The lease finished on 17 May 2084. Having 59 years outstanding we estimated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 not including legals.