Top reasons for Kensal Rise lease extension

Main reasons to commence your Kensal Rise lease extension today:

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

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Kensal Rise. Inevitably, the term of lease left reduces as time goes by. This may pass by relatively unnoticed when the residence needs to be disposed of or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to obtain a lease extension. Eligible long lease owners in Kensal Rise have the right to extend the lease for a further 90 years under Leasehold Reform legislation. You should give due attention before delaying your Kensal Rise lease extension. Putting off the cost now likely increases the price you will ultimately have to pay to extend your lease

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Lending institutions will not finance a property on a short lease

Why use us for your lease extension in Kensal Rise?

Irrespective of whether you are a tenant or a freeholder in Kensal Rise,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Kensal Rise valuers.

Kensal Rise Lease Extension Example Cases:

Connor, Kensal Rise, North West London,

Connor owned a conversion flat in Kensal Rise on the market with a lease of a little over 72 years left. Connor on an informal basis spoke with his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 per annum. No ground rent would be payable on a lease extension were Connor to exercise his statutory right. Connor obtained expert legal guidance and was able to make an informed decision and handle with the matter and sell the flat.

Kensal Rise case:

In 2009 we were e-mailed by Mr and Mrs. N François who, having was assigned a lease of a studio apartment in Kensal Rise in March 2000. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Similar residencies in Kensal Rise with a long lease were in the region of £265,000. The mid-range amount of ground rent was £50 billed per annum. The lease expired in 2099. Having 73 years remaining we calculated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including fees.