Do you need a lease extension in Kingston? - Lewis & Dick Solicitors

• 19th March 2024
• By admin
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A short lease on your property can reduce your value dramatically.

Right to buy leases in Kingston upon Thames typically need extension now as they run for 125 years from 1982. Kingston Council only extends leases formally through a section 42 notice. If your lease has less than 70 years left, many mortgage lenders will require a lease extension. Additionally, be aware that the cost of extending the lease increases when it drops below 80 years, so even with 80-85 years left, you might want to consider an extension.

To qualify for a lease extension, you must have owned the property for at least 2 years. Here’s the process:

• Serve a section 42 notice, outlining your proposed price for the lease extension.
• The landlord has two months to respond to the notice.
• If no agreement is reached, there’s a 6-month window to apply to court for a price determination.
• If neither party takes action, the notice expires for 12 months.
• When an agreement is reached, the landlord must grant a 90-year extension at a nominal rent.

For more information, please contact Jonathan Owens on 020 8393 0055