Kingston upon Thames Lease Extension - Free Consultation

Before you progress with your lease extension in Kingston upon Thames
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

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

Unfortunately that a Kingston upon Thames residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the loss of value being disguised by increases in the Kingston upon Thames property prices.Once your lease nears 85ish years, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips under 80 years - otherwise a higher amount will be due. Most leasehold owners in Kingston upon Thames will be able to extend under the legislation; however a conveyancer should be able to clarify whether you are eligibility. In some cases you may not qualify. There are also strict deadlines and procedures to follow once the process is instigated and you will need to be guided by your conveyancing solicitor throughout the process.

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

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders may decide not to grant a mortgage on a short lease

Lenders are really clamping down as regards to properties in Kingston upon Thames with short leases. For instance you might discover that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you wanted to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus narrowing the amount of potential purchasers.

Lender Requirement
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.
Godiva Mortgages 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.
Halifax Minimum 70 years from the date of the mortgage.
Santander 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
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

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.

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

Engaging our service will provide you increased control over the value of your Kingston upon Thames leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancing solicitors 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:

Eleanor, Kingston upon Thames, South West London,

Following lengthy negotiations with the freeholder of her one bedroom flat in Kingston upon Thames, Eleanor started the lease extension process as the 80 year deadline was fast approaching. The transaction was concluded in March 2013. The freeholder’s costs were kept to an absolute minimum.

Kingston upon Thames case:

Mr and Mrs. B Martinez bought a first floor apartment in Kingston upon Thames in July 2003. The question was if we could estimate the price could be for a ninety year extension to my lease. Identical premises in Kingston upon Thames with 100 year plus lease were worth £200,800. The mid-range amount of ground rent was £65 invoiced yearly. The lease came to a finish on 13 June 2085. Given that there were 60 years outstanding we approximated the compensation to the landlord for the lease extension to be between £20,900 and £24,200 not including costs.

Decision in Kingston upon Thames

An example of a Lease Extension case for a Kingston upon Thames premises 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.