Why you should commence your Kingsbury lease extension

Why you should commence your Kingsbury lease extension today:

Increase your lease and increase your Kingsbury property value

As the the remaining lease term of a Kingsbury domestic lease lessens so does its value and therefore the value of your property. Where the lease has, over one hundred years remaining then this decrease may be fractional that being said there will become a point in time when a lease has under than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should extend the lease without delay. The majority of flat owners in Kingsbury will meet the qualifying criteria; nevertheless a conveyancing solicitor can advise whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

Kingsbury property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Kingsbury with over one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Lending institutions will not issue a mortgage on a short lease

Many banks and building societies will not grant a mortgage on a lease with less than seventy years unexpired - although this varies between mortgage companies. A purchaser will undoubtedly encounter difficulties in obtaining a mortgage and this will result in your Kingsbury property being difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Kingsbury?

Lease extensions in Kingsbury can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer with experience in lease extensions.

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 in-depth market knowledge 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.

Kingsbury Lease Extension Example Cases:

Jayden, Kingsbury, North West London

In recent months Jayden, came precariously close to the 80-year threshold with the lease on his garden flat in Kingsbury. Having bought his home 18 years previously, the unexpired term was of no significance. Fortunately, he became aware that he would soon be paying way over the odds for a lease extension. Jayden arranged for a lease extension at the eleventh hour in June. Jayden and the landlord who owned the flat above ultimately agreed on an amount of £6,000 . If he failed to meet the deadline, the premium would have increased by at least £1,050.

Kingsbury case:

In 2009 we were called by Mr and Mrs. A Richardson who, having took over the lease of a one bedroom apartment in Kingsbury in March 1995. The dilemma was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparative flats in Kingsbury with 100 year plus lease were in the region of £257,800. The mid-range amount of ground rent was £65 collected annually. The lease lapsed on 28 April 2091. Having 65 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £18,100 and £20,800 not including legals.