Top reasons for North Kensington lease extension

Main reasons to start your North Kensington lease extension today:

Increase your lease and increase your North Kensington property value

North Kensington leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most North Kensington tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in North Kensington you must check if your lease has between 70 and ninety years left. There are compelling reasons why a North Kensington flat owner with a lease having around 80 years remaining should take steps to ensure that a lease extension is effected without delay

North Kensington property with a lease extension has roughly the same value as a freehold

Leasehold properties in North Kensington with over one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may decide not to lend with a short lease

Most high street banks are tightening their criteria and a meaningful number now expect flats to have at least 60 if not 70 years remaining at the end of the mortgage. Considering many flats in North Kensington were created in the fifties, sixties and seventies as a result many now require lease extensions if they if they are to be mortgageable.

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

Lease extensions in North Kensington can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor with experience in this area.

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 in-depth market knowledge procuring North Kensington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

North Kensington Lease Extension Case Studies:

Ollie, North Kensington, West London

Twenty four months ago Ollie, started to get near to the eighty-year mark with the lease on his basement flat in North Kensington. In buying his property twenty years previously, the length of the lease was of little importance. Luckily, it dawned on him that he needed to take action soon on a lease extension. Ollie arranged for a lease extension just under the wire in June. Ollie and the landlord who owned the flat above subsequently agreed on the final figure of £5,000 . If the lease had fallen to less than eighty years, the price would have become more exhorbitant by a minimum £925.

North Kensington case:

Mr Edward López moved into a purpose-built flat in North Kensington in March 2002. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparative premises in North Kensington with a long lease were worth £285,000. The mid-range ground rent payable was £45 invoiced every twelve months. The lease terminated in 2098. Taking into account 72 years outstanding we approximated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of legals.