Kilburn leases on domestic properties are gradually losing value. if your lease has in the region of 90 years left, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to be in place before the term of the current lease drops under eighty years - otherwise a higher amount will be payable. Leasehold owners in Kilburn will mostly be legally entitled to a lease extension; however a solicitor should be able confirm if you qualify. In some situations you may not be entitled. There are also strict deadlines and procedures to comply with once the process has started so it’s wise to be guided by a conveyancing solicitor during the process.
It is generally considered that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Leeds Building Society | |
| National Westminster Bank | |
| Santander |
Using our service gives you increased 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 have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
In 2014 Luca, started to get near to the 80-year threshold with the lease on his basement apartment in Kilburn. Having purchased his flat two decades ago, the lease term was of minimal concern. Fortunately, he recognised he would imminently be paying way over the odds for a lease extension. Luca was able to extend his lease just ahead of time in April. Luca and the landlord who owned the flat above in the end agreed on an amount of £5,500 . If the lease had slipped to less than 80 years, the amount would have increased by a minimum £925.
Last January we were e-mailed by Dr Lauren Robinson , who moved into a purpose-built apartment in Kilburn in July 2011. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Comparable flats in Kilburn with 100 year plus lease were in the region of £201,200. The mid-range amount of ground rent was £55 billed quarterly. The lease elapsed in 2082. Taking into account 56 years remaining we approximated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 not including costs.
An example of a Freehold Enfranchisement matter before the tribunal for a Kilburn property is 4 & 4A Charteris Road in June 2009. the Tribunal held that the price to be paid for the enfranchisement of 4/4a Charteris Road to be £15,510 for at 4and £15,694 for at 4a This case was in relation to 2 flats. The unexpired term was 70.02 years.