Stop! Your Lease Extension in Kingston upon Thames Could Be FREE

Get a Free Case Review
Many leaseholders in Kingston upon Thames are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Kingston upon Thames has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start 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

Kingston upon Thames leases on domestic deteriorating in value. Where your lease has approximately 90 years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you start paying an additional element called marriage value. Leasehold owners in Kingston upon Thames will usually qualify for a lease extension; however a solicitor should be able confirm your eligibility. In certain cases you may not be entitled. There are prescribed deadlines and steps to comply with once the process is initiated so it’s prudent to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Kingston upon Thames with in excess of one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may decide not to lend on a short lease

Lending institutions have set criteria when lending monies secured on leasehold property. Some will simply not lend at all once an unexpired lease term drops below a certain unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired term of less than 75 years as acceptable security. As well as impacting your ability to sell, it is also relevant if you are intending to remortgage your Kingston upon Thames property.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
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.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

What makes us experts in Kingston upon Thames lease extensions?

Using our service gives you enhanced control over the value of your Kingston upon Thames leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Kingston upon Thames Lease Extension Example Cases:

Maisie, Kingston upon Thames, South West London,

Following lengthy discussions with the landlord of her first floor apartment in Kingston upon Thames, Maisie commenced the lease extension process as the 80 year threshold was quickly nearing. The lease extension completed in February 2014. The freeholder’s fees were kept to an absolute minimum.

Kingston upon Thames case:

Last Winter we were called by Mr T Moore , who owned a studio apartment in Kingston upon Thames in March 1997. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Comparable homes in Kingston upon Thames with 100 year plus lease were worth £198,400. The average amount of ground rent was £65 billed every twelve months. The lease terminated on 21 March 2085. Considering the 59 years outstanding we approximated the compensation to the landlord for the lease extension to be between £21,900 and £25,200 plus fees.

Decision in Kingston upon Thames

An example of a Lease Extension decision for a Kingston upon Thames flat 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 was in relation to 1 flat.