Main reasons to commence your Kilburn lease extension

Main reasons to start your Kilburn lease extension today:

Increase your lease and increase your Kilburn property value

As the length of the unexpired term of a Kilburn domestic lease lessens so does its value and therefore the value of your property. If the lease has, over 99 years remaining then this decrease may be fractional however there will become a point in time when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main reason why you should consider extending sooner rather than later. Many flat owners in Kilburn will meet the qualifying criteria; however a conveyancer can advise if you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.

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

Leasehold properties in Kilburn with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.

Mortgage lenders may decide not to finance a property on a short lease

Mortgage companies are really clamping down as regards to homes in Kilburn with short leases. For example you might discover that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you wanted to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus restricting your market.

Why use us for your lease extension in Kilburn?

Engaging our service gives you better control over the value of your Kilburn leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Kilburn Lease Extension Example Cases:

Harvey, Kilburn, North London

In 2014 Harvey, came dangerously near to the 80-year threshold with the lease on his ground floor apartment in Kilburn. In buying his flat two decades ago, the lease term was of minimal significance. by good luck, it dawned on him that he would soon be paying an inflated amount for a lease extension. Harvey was able to extend his lease just in the nick of time in July. Harvey and the landlord who owned the flat above subsequently settled on sum of £6,000 . If he failed to meet the deadline, the amount would have increased by at least £1,075.

Kilburn case:

Mr and Mrs. O Rogers owned a first floor flat in Kilburn in May 2012. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year extension to my lease. Comparative residencies in Kilburn with a long lease were worth £300,000. The mid-range ground rent payable was £50 collected every twelve months. The lease ended on 22 June 2102. Considering the 76 years as a residual term we estimated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including fees.