When it comes to long leasehold property 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 are unconcerned as this seems like a lengthy period of time, you may think about 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 notably when there are less than 80 years remaining. Residents in Kingston Vale with a lease drawing near to 81 years left should seriously think of extending it sooner rather than later. Once a lease has under 80 years remaining, under the current legislation the landlord is entitled to calculate and charge a larger premium, assessed on a technical computation, strangely termed as “marriage value” which is payable.
Leasehold premises in Kingston Vale with over 100 years outstanding on the lease are sometimes referred to as ‘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 purchasing the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage are not acceptable. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Kingston Vale can be a difficult process. We recommend you get guidance from a conveyancing solicitor 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 in-depth market knowledge procuring 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.
Last year Eliot, started to get near to the eighty-year mark with the lease on his leasehold apartment in Kingston Vale. In buying his home two decades ago, the length of the lease was of little bearing. by good luck, he recognised he needed to take steps soon on a lease extension. Eliot extended the lease just in the nick of time in September. Eliot and the freeholder in the end settled on a premium of £5,500 . If the lease had fallen to less than eighty years, the price would have escalated by at least £1,100.
Last month we were contacted by Mr and Mrs. Y Peterson , who completed a one bedroom apartment in Kingston Vale in April 2000. The dilemma was if we could shed any light on how much (roughly) premium would likely be to extend the lease by ninety years. Comparable premises in Kingston Vale with an extended lease were in the region of £250,400. The mid-range amount of ground rent was £65 billed annually. The lease expired on 9 June 2090. Considering the 64 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £19,000 and £22,000 exclusive of expenses.
An example of a Freehold Enfranchisement case for a Kingston Vale property is 19 St. Margarets Crescent in August 2010. the tribunal was of the view that the premium to be paid by the leaseholder for the freehold reversion was £51,983.00 This case related to 3 flats. The number of years remaining on the existing lease(s) was 66.25 years.