When it comes to long leasehold premises in Kingston Vale, you effectively rent it for a certain amount of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may think about a lease extension sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately greater notably when there are fewer than 80 years left. Residents in Kingston Vale with a lease approaching 81 years left should seriously think of extending it as soon as possible. Once a lease has under 80 years remaining, under the relevant Act the landlord is entitled to calculate and charge a greater amount, based on a technical multiplication, strangely termed as “marriage value” which is due.
It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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. |
Lease extensions in Kingston Vale can be a difficult process. We recommend you obtain professional help from a conveyancer and valuer with experience in this area.
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 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.
Jayden owned a 2 bedroom flat in Kingston Vale being sold with a lease of just over sixty years unexpired. Jayden informally approached his landlord a well known Manchester-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 per annum. Ordinarily, ground rent would not be due on a lease extension were Jayden to exercise his statutory right. Jayden procured expert legal guidance and secured satisfactory deal informally and ending up with a market value flat.
Last Summer we were approach by Ms J King , who purchased a basement flat in Kingston Vale in May 2011. We are asked if we could estimate the premium could be to prolong the lease by ninety years. Comparable properties in Kingston Vale with 100 year plus lease were valued around £240,600. The mid-range amount of ground rent was £60 invoiced per annum. The lease lapsed in 2087. Having 62 years outstanding we estimated the premium to the freeholder to extend the lease to be within £21,900 and £25,200 plus costs.
An example of a Freehold Enfranchisement decision for a Kingston Vale flat 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 was in relation to 3 flats. The number of years remaining on the existing lease(s) was 66.25 years.