Top reasons for Kilburn lease extension

Main reasons to commence your Kilburn lease extension today:

A Kilburn leasehold property depreciates with the years remaining on the lease.

The market value of a leasehold property in Kilburn depends on how many years the lease has left to run. If it is near to or fewer than 80 years you should expect problems on re-sale, so it is advisable to arrange for a lease extension prior to buying. It is preferable to commence the process of extending the lease is when a lease still has 82 years to run so that a lease extension can be addressed in advance of the eighty year cut off point. Current legislation entitles Kilburn qualifying lessees to obtain a new lease which will be for the balance of the existing lease plus a supplemental term of ninety years. The reason of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

Kilburn property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lenders may not grant a mortgage with a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to become concerned at around 75 years. This may be problematic when you come to dispose of or refinance your property as it will be effectively unmortgageable. Even though you may have no immediate desire to sell but when you do your purchaser must wait two years before they can exercise the right to a an extension to the lease.

What makes us experts in Kilburn lease extensions?

Lease extensions in Kilburn can be a difficult process. We recommend you secure guidance from a lawyer and valuer 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 procuring Kilburn lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Kilburn Lease Extension Case Studies:

Harry, Kilburn, North London,

Harry was the the leasehold proprietor of a high value apartment in Kilburn being marketed with a lease of fraction over 72 years outstanding. Harry on an informal basis spoke with his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 annually. No ground rent would be due on a lease extension were Harry to exercise his statutory right. Harry obtained expert legal guidance and was able to make a more informed judgement and deal with the matter and sell the flat.

Kilburn case:

Last Spring we were contacted by Mrs P Wood , who purchased a one bedroom apartment in Kilburn in November 2008. We are asked if we could estimate the premium could be for a 90 year lease extension. Similar properties in Kilburn with 100 year plus lease were in the region of £285,000. The average amount of ground rent was £45 billed annually. The lease elapsed in 2098. Considering the 72 years unexpired we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of legals.