Main reasons to commence your Kingston Vale lease extension

Main reasons to start your Kingston Vale lease extension today:

Increase your lease and increase your Kingston Vale property value

For those whose Kingston Vale property is held on a long lease, our message is clear – if nothing is done, your property will eventually revert to the freeholder, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension.

An extended lease is almost the same value as a freehold

Leasehold premises in Kingston Vale with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies will not grant a mortgage with a short lease

Banks and Building Societies have set criteria when loaning funds secured on leasehold property. Many will simply refrain from lending at all once an unexpired lease term drops beneath a certain unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired below seventy years as adequate security. In addition to impacting your ability to sell, it is also relevant if you are intending to refinance your Kingston Vale home.

Why use us for your lease extension in Kingston Vale?

Lease extensions in Kingston Vale can be a difficult process. We recommend you secure guidance from a lawyer and surveyor 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.

Kingston Vale Lease Extension Example Cases:

Aarav, Kingston Vale, South West London

Last October Aarav, started to get near to the 80-year mark with the lease on his studio apartment in Kingston Vale. In buying his property 18 years previously, the unexpired term was of no importance. Fortunately, it dawned on him that he would soon be paying way over the odds for a lease extension. Aarav was able to extend his lease just ahead of time in June. Aarav and the landlord in the end agreed on a premium of £5,500 . If the lease had gone below 80 years, the amount would have become more costly by at least £1,150.

Kingston Vale case:

Dr N Gray owned a one bedroom apartment in Kingston Vale in May 2010. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Identical properties in Kingston Vale with a long lease were in the region of £233,200. The average ground rent payable was £60 billed annually. The lease lapsed on 19 March 2087. Taking into account 61 years left we approximated the premium to the landlord for the lease extension to be between £22,800 and £26,400 not including expenses.