It’s a harsh truth that a Kilburn Park residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the reduction being disguised by increases in the Kilburn Park property prices.Where your lease has approximately ninety years left, you should start considering a lease extension. If the number of years remaining falls under 80 years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property Most flat owners in Kilburn Park will be able to extend under the legislation; however a lawyer will be able to clarify whether you qualify for an extension. In some situations you may not qualify. There are also strict timetables and procedures to follow once the process is instigated and you will need to be guided by your conveyancer for the duration of the process.
It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Kilburn Park can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor with experience in lease extensions.
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 dealing with Kilburn Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After unsuccessful correspondence with the landlord of her first floor flat in Kilburn Park, Alice started the lease extension process just as her lease was approaching the critical 80-year threshold. The lease extension was concluded in August 2011. The landlord’s fees were kept to an absolute minimum.
Last Autumn we were approach by Mr and Mrs. O Sánchez , who moved into a ground floor apartment in Kilburn Park in August 2004. The question was if we could estimate the premium would be for a 90 year lease extension. Similar premises in Kilburn Park with a long lease were valued about £280,000. The mid-range ground rent payable was £55 collected yearly. The lease end date was in 2103. Given that there were 77 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of expenses.
An example of a Freehold Enfranchisement decision for a Kilburn Park property is 4 & 4A Charteris Road in June 2009. the Tribunal held that the price to be paid for the enfranchisement of 4/4a Charteris Road to be £15,510 for at 4and £15,694 for at 4a This case related to 2 flats. The unexpired lease term was 70.02 years.