Extending your Lease
In Kingston and the surrounding areas, there are large numbers of blocks of flats or maisonettes. When you buy a flat or maisonette the existing Lease is being transferred to you. Leases often start at 99 or 125 years, but as time goes by, the number of years left reduces. Mortgage companies generally insist that a Lease has a minimum of 60 years left.
We have found that an increasing number of people want to address the time left on the Lease when buying a flat.
Subject to certain conditions there is a right to extend your Lease (by way of the Leasehold Reform, Housing and Urban Development Act 1993). One of the main requirements is that the seller has owned the flat for two years.
One very important point to look out for is if the length of the Lease is about to be less than 80 years. If there are less than 80 years left the price will increase considerably. This is because the landlord or freeholder becomes entitled to an increased sum (reflecting “marriage value”) where the lease has less than 80 years left unexpired.
You should therefore exercise your right to extend the Lease well before it has a less than 80 years left to run.
We can assist and advise on the legal aspects of;
- Extending the Lease when buying or selling
- Serving the required Notices
- Applications, where these become necessary to the Leasehold Valuation Tribunal
If you need to obtain advice regarding the above, then please do not hesitate to contact us for initial advice. Call our reception on 020 8939 4000 Monday to Friday 09:00 to 17:30.