Main reasons to start your Kensal Rise lease extension

Main reasons to start your Kensal Rise lease extension today:

Increase your lease and increase your Kensal Rise property value

Kensal Rise leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Kensal Rise enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Kensal Rise you should investigate if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

An extended lease is almost the same value as a freehold

Leasehold residencies in Kensal Rise with more than one hundred years unexpired 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 home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lending institutions may decide not to grant a mortgage on a short lease

Mortgage companies are really clamping down as regards to properties in Kensal Rise with short leases. For instance you might discover that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus limiting the number of potential purchasers.

Why use us for your lease extension in Kensal Rise?

Lease extensions in Kensal Rise can be a difficult process. We recommend you get 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 in-depth market knowledge procuring Kensal Rise lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Kensal Rise Lease Extension Case Studies:

Adam, Kensal Rise, North West London,

Adam owned a high value apartment in Kensal Rise being marketed with a lease of a few days over 59 years unexpired. Adam informally contacted his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Adam to exercise his statutory right. Adam procured expert legal guidance and was able to make a more informed decision and handle with the matter and ending up with a market value flat.

Kensal Rise case:

Last Autumn we were phoned by Mr M Edwards , who acquired a one bedroom apartment in Kensal Rise in September 1996. The question was if we could approximate the price would likely be to prolong the lease by 90 years. Identical residencies in Kensal Rise with 100 year plus lease were in the region of £208,200. The average amount of ground rent was £65 invoiced monthly. The lease lapsed on 12 September 2087. Considering the 61 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £20,000 and £23,000 exclusive of fees.