Kingsbury leases on residential properties are gradually losing value. if your lease has about 90 years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you start incurring an additional element called marriage value. Leasehold owners in Kingsbury will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancer to confirm your eligibility. In some circumstances you may not be entitled. There are prescribed deadlines and procedures to follow once the process is initiated so it’s best to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years 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 |
Lease extensions in Kingsbury can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor 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.
After protracted discussions with the landlord of her basement apartment in Kingsbury, Mia started the lease extension process as the eighty year mark was rapidly nearing. The lease extension was concluded in March 2008. The freeholder’s fees were kept to an absolute minimum.
In 2014 we were approached by Mr and Mrs. M Simon who, having completed a garden apartment in Kingsbury in July 2005. The question was if we could estimate the price would likely be to extend the lease by 90 years. Comparable flats in Kingsbury with 100 year plus lease were valued around £205,000. The mid-range ground rent payable was £50 invoiced monthly. The lease came to a finish on 15 November 2104. Considering the 79 years as a residual term we calculated the premium to the landlord to extend the lease to be within £8,600 and £9,800 plus legals.
An example of a Lease Extension matter before the tribunal 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 was in relation to 1 flat. The unexpired lease term was 70.25 years.