Main reasons to start your North Kensington lease extension

Main reasons to start your North Kensington lease extension today:

A North Kensington leasehold property depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will ordinarily be granted for a fixed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in North Kensington. Clearly, the term of lease left shortens as time goes by. This may pass by relatively unnoticed when the flat or house needs to be sold or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Eligible long lease owners in North Kensington have the legal entitlement to extend the lease for an additional 90 years in accordance with the 1993 Leasehold Reform Act. Do give due deliberation before delaying your North Kensington lease extension. Holding off the cost now simply increases the price you will ultimately incur for a lease extension

North Kensington property with a lease extension is almost the same value as a freehold

Leasehold premises in North Kensington with more than 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.

Lending institutions may decide not to lend with a short lease

Banks and Building Societies are less likely to give a mortgage on a residential property in North Kensington with a short lease. Some lenders simply refuse to lend on leases with under 75 years left.

Get in touch with one of our North Kensington lease extension solicitors or enfranchisement solicitors

Using our service will provide you better control over the value of your North Kensington leasehold, as your property will be more valuable and saleable in respect of lease length should you wish 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.

North Kensington Lease Extension Case Studies:

Courtney, North Kensington, West London,

Subsequent to lengthy discussions with the freeholder of her one bedroom apartment in North Kensington, Courtney commenced the lease extension process as the eighty year mark was quickly nearing. The transaction was concluded in April 2013. The landlord’s fees were restricted to less than 700 GBP.

North Kensington case:

Mr and Mrs. R Davies took over the lease of a one bedroom apartment in North Kensington in August 2002. We are asked if we could approximate the price would likely be to prolong the lease by 90 years. Comparable properties in North Kensington with a long lease were worth £216,000. The mid-range ground rent payable was £60 invoiced annually. The lease lapsed in 2083. Considering the 58 years remaining we approximated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 plus fees.