The only way is down when it comes to Kingston Vale lease terms. Kingston Vale flats that have a residual term fewer than 80 years will reduce in market price at a rapid rate, and the cost to extend your lease will increase.
It is conventional wisdom that a property with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date 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. |
| Santander | If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest. You must report the unexpired lease term to us and await our instructions if:
|
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Kingston Vale can be a difficult process. We recommend you procure professional help from a conveyancer and valuer 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 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.
Harvey owned a 2 bedroom flat in Kingston Vale on the market with a lease of a few days over 61 years outstanding. Harvey informally approached his landlord 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 £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Harvey to invoke his statutory right. Harvey obtained expert advice and secured satisfactory deal without going to tribunal and sell the flat.
Last year we were phoned by Ms Jasmine Evans , who took over the lease of a one bedroom flat in Kingston Vale in May 2000. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by an additional years. Similar homes in Kingston Vale with a long lease were in the region of £280,000. The average ground rent payable was £45 invoiced quarterly. The lease ended on 7 February 2095. Considering the 69 years unexpired we calculated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 not including legals.
An example of a Freehold Enfranchisement case 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 affected 3 flats. The remaining number of years on the lease was 66.25 years.