On the balance of probabilities if you own a flat in Kingsbury you actually own a long leasehold interest over your property
Leasehold residencies in Kingsbury with over one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Kingsbury can be a difficult process. We recommend you obtain guidance from a conveyancer 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.
Noah was the the leasehold proprietor of a studio apartment in Kingsbury being sold with a lease of just over 59 years left. Noah on an informal basis spoke with his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Noah to exercise his statutory right. Noah obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and readily saleable.
Last June we were contacted by Ms O Baker , who acquired a one bedroom flat in Kingsbury in October 2001. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar flats in Kingsbury with a long lease were in the region of £191,400. The mid-range amount of ground rent was £55 collected every twelve months. The lease ended on 5 August 2080. Considering the 54 years remaining we estimated the premium to the freeholder to extend the lease to be within £34,200 and £39,600 exclusive of fees.
An example of a Lease Extension decision for a Kingsbury flat 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 related to 1 flat. The number of years remaining on the existing lease(s) was 70.25 years.