Why you should commence your Kingston Vale lease extension

Why you should start your Kingston Vale lease extension today:

A Kingston Vale leasehold property depreciates with the years remaining on the lease.

Kingston Vale leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. It is the case that most Kingston Vale tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Kingston Vale you must check if your lease has between 70 and 90 years left. There are compelling reasons why a Kingston Vale leaseholder with a lease having around 80 years remaining should take steps to make sure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

Leasehold residencies in Kingston Vale with in excess of one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

Lending institutions may not grant a mortgage with a short lease

Lenders are tightening their criteria and a meaningful number now want flats to have at least 60 if not 70 years remaining at the end of the mortgage. Given that many flats in Kingston Vale were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they if they are to be mortgageable.

What makes us experts in Kingston Vale lease extensions?

Retaining our service will provide you increased control over the value of your Kingston Vale leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Kingston Vale Lease Extension Example Cases:

Jackson, Kingston Vale, South West London,

Jackson was the the leasehold owner of a high value flat in Kingston Vale on the market with a lease of a little over 72 years remaining. Jackson on an informal basis contacted his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £200 per annum. No ground rent would be payable on a lease extension were Jackson to exercise his statutory right. Jackson obtained expert advice and was able to make an informed decision and handle with the matter and sell the flat.

Kingston Vale case:

In 2011 we were approached by Mr C López who, having bought a basement apartment in Kingston Vale in March 2012. We are asked if we could shed any light on how much (approximately) price would likely be to prolong the lease by a further 90 years. Comparative properties in Kingston Vale with a long lease were worth £300,000. The average ground rent payable was £50 invoiced per annum. The lease terminated on 5 June 2102. Given that there were 76 years outstanding we approximated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 not including professional charges.