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.

With a long leasehold property in Kingston Vale, you are actually purchasing an entitlement to live in a property for a prescribed time frame. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider 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 becomes disproportionately greater particularly once there are fewer than eighty years remaining. Residents in Kingston Vale with a lease nearing 81 years unexpired should seriously think of extending it as soon as possible. When the lease term has below 80 years outstanding, under the relevant Act the landlord can calculate and levy a larger amount, assessed on a technical computation, known as “marriage value” which is payable.

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

It is generally accepted that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to finance a property with a short lease

Almost all banks and building societies will not grant a mortgage on a lease with less than 70 years left to run - although this varies from lender to lender. A purchaser will no doubt find it difficult to obtain a mortgage and this will result in your Kingston Vale property being difficult to dispose of or to obtain finance on.

What makes us experts in Kingston Vale lease extensions?

Lease extensions in Kingston Vale can be a difficult process. We recommend you secure 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 a wealth of experience 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:

Alexandra, Kingston Vale, South West London,

Subsequent to protracted discussions with the freeholder of her basement flat in Kingston Vale, Alexandra started the lease extension process just as her lease was nearing the all-important eighty-year deadline. The transaction was finalised in June 2008. The landlord’s fees were kept to an absolute minimum.

Kingston Vale case:

Mr and Mrs. W Watson owned a one bedroom apartment in Kingston Vale in February 2005. The dilemma was if we could approximate the premium would be for a 90 year lease extension. Identical premises in Kingston Vale with 100 year plus lease were valued around £189,000. The average ground rent payable was £55 invoiced yearly. The lease terminated in 2079. Given that there were 53 years outstanding we estimated the premium to the landlord to extend the lease to be between £28,500 and £33,000 not including professional charges.