As the length of the unexpired term of a Kingston Vale residential lease diminished so does its value and therefore the value of your property. Where the lease has, more than 125 years to run then this decrease may be negligible nevertheless there will become a stage when a lease has less than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should consider extending without delay. Many flat owners in Kingston Vale will meet the qualifying criteria; however a lawyer can advise if you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
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 further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Kingston Vale can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor 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.
Jack was the the leasehold owner of a 2 bedroom apartment in Kingston Vale being marketed with a lease of a few days over sixty years remaining. Jack informally approached his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 per annum. No ground rent would be due on a lease extension were Jack to exercise his statutory right. Jack obtained expert legal guidance and secured an acceptable resolution informally and readily saleable.
In 2012 we were called by Mrs Erin Carter who, having moved into a basement flat in Kingston Vale in September 2006. The question was if we could estimate the compensation to the landlord would be to extend the lease by 90 years. Identical properties in Kingston Vale with a long lease were in the region of £181,600. The mid-range amount of ground rent was £55 collected per annum. The lease ran out on 28 July 2076. Given that there were 52 years outstanding we calculated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 not including costs.
An example of a Freehold Enfranchisement case for a Kingston Vale property 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 was in relation to 3 flats. The unexpired lease term was 66.25 years.