Why you should start your Kingston upon Thames lease extension

Main reasons to start your Kingston upon Thames lease extension today:

A Kingston upon Thames lease depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Kingston upon Thames. Clearly, the term of lease remaining reduces as time goes by. This is often ignored and only raises itself as an issue when the residence has to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to procure a lease extension. Eligible long lease owners in Kingston upon Thames have the legal entitlement to extend the lease for a further ninety years in accordance with Leasehold Reform legislation. Please give careful attention before delaying your Kingston upon Thames lease extension. Holding off that expense now simply increases the price you will eventually incur to extend your lease

Kingston upon Thames property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lending institutions may decide not to issue a mortgage on a short lease

Lending institutions are less likely to issue a mortgage on a residential flat in Kingston upon Thames with a short lease. Many lenders simply refuse a mortgage on leases with below 75 years left.

What makes us experts in Kingston upon Thames lease extensions?

The conveyancing solicitors that we work with handle Kingston upon Thames lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Kingston upon Thames Lease Extension Example Cases:

Amber, Kingston upon Thames, South West London,

After unsuccessful correspondence with the landlord of her studio flat in Kingston upon Thames, Amber commenced the lease extension process as the eighty year deadline was swiftly advancing. The lease extension was finalised in April 2013. The freeholder’s costs were negotiated to approximately 650 pounds.

Kingston upon Thames case:

Mr Aaron Murphy was assigned a lease of a first floor apartment in Kingston upon Thames in October 2003. We are asked if we could approximate the premium could be to prolong the lease by an additional years. Comparative homes in Kingston upon Thames with 100 year plus lease were valued around £235,200. The mid-range amount of ground rent was £45 collected annually. The lease finished in 2090. Having 66 years remaining we estimated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 plus professional charges.