Top reasons for Kingston Vale lease extension

Top reasons for lease extension now:

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

The re-sale value of a leasehold property in Kingston Vale depends on how long the lease has left to run. If it is near to or fewer than 80 years you should expect difficulties on re-sale, so it is recommended to arrange for a lease extension before buying. It is preferable to commence the process of extending the lease is when a lease still has 82 years to run so that all matters can be concluded in advance of the 80 year threshold. Leasehold Reform legislation entitles Kingston Vale qualifying lessees to an additional term of ninety years on top of the existing term, at a notional rent (zero ground rent). The purpose of the valuation is to determine the premium payable by the lessee to the freeholder for the purchase of the lease extension.

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

Leasehold residencies in Kingston Vale with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders may not loan monies on a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now expect flats to have at least sixty if not seventy years remaining at the end of the mortgage. Considering a number of flats in Kingston Vale were created in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

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

The conveyancing solicitors that we work with undertake Kingston Vale 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 lawyer we work with provide it.

Kingston Vale Lease Extension Case Studies:

Sophia, Kingston Vale, South West London,

In the wake of eight months of lengthy negotiations with the landlord of her two bedroom flat in Kingston Vale, Sophia commenced the lease extension process just as her lease was approaching the crucial eighty-year mark. The legal work was concluded in November 2014. The landlord’s charges were negotiated to less than 500 pounds.

Kingston Vale case:

Last Spring we were contacted by Dr Andrew Brooks , who bought a studio apartment in Kingston Vale in November 1998. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Identical flats in Kingston Vale with 100 year plus lease were valued around £257,800. The mid-range ground rent payable was £65 billed annually. The lease lapsed on 27 August 2091. Considering the 65 years outstanding we estimated the premium to the freeholder for the lease extension to be between £18,100 and £20,800 plus fees.