Kingston upon Thames leases on residential properties are gradually losing value. if your lease has about ninety years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for a lease extension to take place before the term of the existing lease drops lower than 80 years - otherwise a higher amount will be payable. Leasehold owners in Kingston upon Thames will usually be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In some cases you may not be entitled. There are also strict timetables and procedures to comply with once the process has commenced so it’s best to be guided by a conveyancer during the process.
Leasehold residencies in Kingston upon Thames with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a freeholder in Kingston upon Thames,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Kingston upon Thames valuers.
Jason was the the leasehold proprietor of a conversion apartment in Kingston upon Thames on the market with a lease of a few days over 72 years left. Jason on an informal basis approached his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 yearly. Ordinarily, ground rent would not be due on a lease extension were Jason to invoke his statutory right. Jason obtained expert legal guidance and was able to make an informed decision and handle with the matter and readily saleable.
Last Christmas we were approach by Dr U Moreau , who bought a purpose-built flat in Kingston upon Thames in July 1998. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Similar homes in Kingston upon Thames with 100 year plus lease were worth £246,800. The average ground rent payable was £60 collected monthly. The lease ran out in 2076. Given that there were 50 years unexpired we estimated the compensation to the landlord to extend the lease to be within £44,700 and £51,600 plus fees.
An example of a Lease Extension matter before the tribunal for a Kingston upon Thames residence 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 affected 1 flat.