Top reasons for Kingston Vale lease extension

Main reasons to start your Kingston Vale lease extension today:

A Kingston Vale lease depreciates with the years remaining on the lease.

With a long leasehold premises in Kingston Vale, you are in fact renting it for a certain amount of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may consider extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly particularly once there are fewer than 80 years remaining. Residents in Kingston Vale with a lease nearing 81 years unexpired should seriously consider extending it as soon as possible. When the lease term has fewer than eighty years remaining, under the relevant statute the landlord can calculate and demand a greater amount, assessed on a technical computation, strangely termed as “marriage value” which is payable.

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

Leasehold properties in Kingston Vale with more than one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

Mortgage lenders will not grant a mortgage with a short lease

Banks and building societies are really restricting their approach as regards to properties in Kingston Vale with short leases. For instance you may find that their lending requirements 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 where you needed to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus reducing your market.

Get in touch with one of our Kingston Vale lease extension solicitors or enfranchisement solicitors

Lease extensions in Kingston Vale can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Kingston Vale lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Kingston Vale Lease Extension Case Studies:

Charlie, Kingston Vale, South West London,

Charlie was the the leasehold owner of a conversion apartment in Kingston Vale being marketed with a lease of just over 59 years outstanding. Charlie on an informal basis approached his freeholder a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Charlie to invoke his statutory right. Charlie obtained expert advice and was able to make a more informed judgement and handle with the matter and readily saleable.

Kingston Vale case:

Last Summer we were called by Dr Leo Carter , who owned a one bedroom flat in Kingston Vale in May 1999. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Comparable residencies in Kingston Vale with a long lease were in the region of £210,000. The mid-range amount of ground rent was £50 collected per annum. The lease lapsed on 6 February 2106. Having 80 years unexpired we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 plus expenses.