Why you should start your Kew lease extension

Main reasons to commence your Kew lease extension today:

Increase your lease and increase your Kew property value

Kew leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Most owners of residential leasehold property in Kew enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Kew you must check if your lease has between 70 and 90 years left. There are good reasons why a Kew leaseholder with a lease having around eighty years left should take steps to ensure that a lease extension is put in place without delay

Kew property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders will not issue a mortgage with a short lease

Lenders are really clamping down as regards to homes in Kew with short leases. For instance you might discover that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus limiting your market.

Why use us for your lease extension in Kew?

The conveyancers that we work with handle Kew 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 conveyancing solicitor we work with provide it.

Kew Lease Extension Case Summaries:

Jayden, Kew, South West London,

Jayden was the the leasehold owner of a studio flat in Kew on the market with a lease of a little over 59 years left. Jayden on an informal basis approached his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £100 per annum. Ordinarily, ground rent would not be payable on a lease extension were Jayden to exercise his statutory right. Jayden obtained expert legal guidance and secured an acceptable deal without resorting to tribunal and ending up with a market value flat.

Kew case:

Last June we were called by Dr Ali Rose , who acquired a one bedroom apartment in Kew in September 2006. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by an additional years. Identical premises in Kew with a long lease were worth £250,400. The mid-range amount of ground rent was £65 collected annually. The lease elapsed in 2088. Having 64 years remaining we calculated the compensation to the freeholder for the lease extension to be within £19,000 and £22,000 not including fees.