Top reasons for Kingsbury lease extension

Top reasons for lease extension now:

Increase your lease and increase your Kingsbury property value

It’s an underpublicised truth that a Kingsbury residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the first few years due to the reduction being disguised by increases in the Kingsbury property prices.Where your lease has approximately ninety years left, you need to start thinking about a lease extension. If the number of years remaining falls under eighty years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of leasehold owners in Kingsbury will be able to extend under the legislation; however a lawyer will be able to clarify if you qualify for an extension. In some cases you may not qualify. There are also strict timeframes and procedures to follow once the process is initiated and you will need to be guided by your conveyancer for the duration of the process.

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

It is generally accepted that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not loan monies with a short lease

Lenders are really restricting their approach as regards to homes in Kingsbury with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you wanted to sell, your only options would be to find a cash buyer, or hope for the best at auction thus limiting the amount of prospective purchasers.

What makes us experts in Kingsbury lease extensions?

Lease extensions in Kingsbury can be a difficult process. We recommend you get guidance from a lawyer and valuer with experience in this area.

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 a wealth of experience dealing with Kingsbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Kingsbury Lease Extension Example Cases:

Catherine, Kingsbury, North West London,

In the wake of 9 months of protracted negotiations with the freeholder of her purpose-built apartment in Kingsbury, Catherine commenced the lease extension process just as her lease was coming close to the critical 80-year threshold. The transaction was finalised in April 2006. The freeholder’s fees were restricted to under 600 pounds.

Kingsbury case:

In 2009 we were e-mailed by Mr Dexter Fournier who, having bought a basement apartment in Kingsbury in March 2010. We are asked if we could approximate the premium would likely be to prolong the lease by an additional years. Similar homes in Kingsbury with 100 year plus lease were in the region of £200,000. The average ground rent payable was £50 invoiced annually. The lease came to a finish in 2103. Given that there were 77 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus expenses.