Main reasons to commence your Kingston Vale lease extension

Why you should start your Kingston Vale lease extension today:

Increase your lease and increase your Kingston Vale property value

Kingston Vale leases on domestic properties are gradually losing value. if your lease has in the region of 90 years remaining, you should start thinking about a lease extension. If lease term dips under eighty years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Kingston Vale will mostly qualify for a lease extension; however a solicitor will confirm if you qualify. In some situations you may not qualify. There are also strict deadlines and procedures to follow once the process has started so it’s wise to be guided by a conveyancing solicitor during the process.

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

Leasehold premises in Kingston Vale with over 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.

Mortgage lenders will not finance a property on a short lease

Most mortgage lenders have tightened lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly below seventy years as they are considered to be deficient security.

Why use us for your lease extension in Kingston Vale?

Irrespective of whether you are a tenant or a landlord in Kingston Vale,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Kingston Vale valuers.

Kingston Vale Lease Extension Example Cases:

Jack, Kingston Vale, South West London,

Jack owned a studio flat in Kingston Vale on the market with a lease of a little over sixty years remaining. Jack on an informal basis spoke with 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 an increased rent to £100 yearly. No ground rent would be due on a lease extension were Jack to exercise his statutory right. Jack obtained expert advice and was able to make a more informed judgement and handle with the matter and readily saleable.

Kingston Vale case:

Last Spring we were called by Mr and Mrs. N Martínez , who took over the lease of a one bedroom flat in Kingston Vale in February 2003. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Comparative properties in Kingston Vale with an extended lease were valued about £208,600. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease lapsed in 2083. Having 57 years outstanding we calculated the premium to the landlord to extend the lease to be between £30,400 and £35,200 plus legals.