Main reasons to commence your Kilburn Park lease extension

Top reasons for lease extension now:

A Kilburn Park leasehold property depreciates with the years remaining on the lease.

As the the remaining lease term of a Kilburn Park domestic lease lessens so does its value and therefore the value of your property. If the residual term has, more than 100 years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should consider extending without delay. The majority of flat owners in Kilburn Park will meet the qualifying criteria; however a lawyer will be able to advise whether you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

Kilburn Park property with a lease extension is almost the same value as a freehold

Leasehold properties in Kilburn Park with more than one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lenders will not finance a property with a short lease

Almost all mortgage lenders will be unwilling to lend on a lease with under seventy years unexpired - although this varies from lender to lender. A buyer will undoubtedly find it difficult in obtaining a mortgage and this will result in your Kilburn Park property being difficult to dispose of or refinance.

Why use us for your lease extension in Kilburn Park?

Retaining our service gives you better control over the value of your Kilburn Park leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Kilburn Park Lease Extension Example Cases:

Eli, Kilburn Park, North West London,

Eli owned a 2 bedroom flat in Kilburn Park on the market with a lease of a little over sixty years outstanding. Eli informally spoke with his freeholder being a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £100 yearly. No ground rent would be payable on a lease extension were Eli to invoke his statutory right. Eli obtained expert legal guidance and was able to make an informed decision and handle with the matter and readily saleable.

Kilburn Park case:

In 2012 we were called by Mr and Mrs. E Gómez who, having moved into a one bedroom apartment in Kilburn Park in July 2008. The dilemma was if we could estimate the price would be for a 90 year lease extension. Similar flats in Kilburn Park with an extended lease were worth £200,800. The mid-range ground rent payable was £65 collected every twelve months. The lease end date was in 2086. Having 60 years remaining we estimated the compensation to the freeholder to extend the lease to be within £20,900 and £24,200 exclusive of legals.