Main reasons to start your Kensal Rise lease extension

Top reasons for lease extension now:

A Kensal Rise leasehold property depreciates with the years remaining on the lease.

Kensal Rise leases on domestic deteriorating in value. if your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. If lease term falls under eighty years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Kensal Rise will usually qualify for a lease extension; however It would be wise to check with a conveyancer to check if you qualify. In certain situations you may not be entitled. There are prescribed deadlines and procedures to follow once the process has commenced so it’s prudent to be guided by a conveyancer during the process.

An extended lease has roughly the same value as a freehold

Leasehold premises in Kensal Rise with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Lenders may decide not to lend with a short lease

Many banks and building societies will not lend on a lease with under seventy years left to run - although this varies between mortgage companies. A buyer will likely find it difficult in obtaining a mortgage and this could result in your Kensal Rise property becoming difficult to sell or to obtain finance on.

Why use us for your lease extension in Kensal Rise?

Using our service will provide you increased control over the value of your Kensal Rise leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Kensal Rise Lease Extension Case Summaries:

Yasmin, Kensal Rise, North West London,

In the wake of 6 months of unsuccessful negotiations with the landlord of her first floor flat in Kensal Rise, Yasmin commenced the lease extension process as the 80 year mark was rapidly approaching. The legal work was concluded in June 2007. The landlord’s costs were negotiated to approximately 650 pounds.

Kensal Rise case:

Last June we were approach by Mrs Natalie Cook , who took over the lease of a recently refurbished flat in Kensal Rise in January 2010. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by ninety years. Comparable properties in Kensal Rise with a long lease were in the region of £264,000. The average ground rent payable was £60 invoiced quarterly. The lease expiry date was in 2079. Given that there were 53 years remaining we estimated the compensation to the freeholder to extend the lease to be between £37,100 and £42,800 plus legals.