The market value of a leasehold property in Kingsbury is impacted by how long the lease has left to run. If it is close to or less than eighty years you should anticipate difficulties on re-sale, so it is recommended to arrange for the lease to be extended prior to buying. Ideally one should start the lease extension process when a lease still has 82 years remaining so that all matters can be addressed well before the eighty year threshold. Leasehold Reform legislation entitles Kingsbury qualifying lessees to a 90 year extension added to their residual lease term (ie if your lease has fifty years left the statutory lease extension will provide a new term of 140 years). The purpose of the valuation is to determine the sum payable by the lessee to the freeholder for the acquisition of the lease extension.
It is generally considered that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Santander | |
| The Mortgage Works |
Lease extensions in Kingsbury can be a difficult process. We recommend you secure professional help 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 a wealth of experience procuring Kingsbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Oliver was the the leasehold proprietor of a studio apartment in Kingsbury being sold with a lease of fraction over 72 years outstanding. Oliver on an informal basis approached his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Oliver to invoke his statutory right. Oliver obtained expert legal guidance and secured satisfactory resolution informally and readily saleable.
In 2014 we were called by Ms G Bonnet who, having completed a first floor apartment in Kingsbury in July 1998. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by ninety years. Comparable premises in Kingsbury with an extended lease were valued about £290,000. The mid-range amount of ground rent was £45 collected yearly. The lease ran out on 3 October 2099. Given that there were 73 years left we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of legals.
An example of a Lease Extension decision for a Kingsbury residence is 27B Hillside in February 2010. the resulting premium, all other aspects of the valuation having been agreed between the parties was set at £8,250 This case was in relation to 1 flat. The unexpired term was 70.25 years.