Stop! Your Lease Extension in North Kensington Could Be FREE

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Many leaseholders in North Kensington are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in North Kensington has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for North Kensington lease extension

Top reasons for lease extension now:

Increase your lease and increase your North Kensington property value

North Kensington residential property owned on a long lease is a depreciating asset as the leaseholder merely owns the property for a period of years.

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

Leasehold residencies in North Kensington with more than 100 years left on the lease are often regarded as a ‘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 upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may decide not to issue a mortgage on a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are deemed to be unacceptable security.

Lender Requirement
Accord Mortgages
Bank of Scotland
Barnsley Building Society
Birmingham Midshires
Virgin

Why use us for your lease extension in North Kensington?

The conveyancing solicitors that we work with undertake North Kensington lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

North Kensington Lease Extension Case Studies:

Finn, North Kensington, West London

Last October Finn, started to get close to the 80-year threshold with the lease on his purpose- built flat in North Kensington. In buying his property two decades ago, the length of the lease was of no bearing. Luckily, he recognised he would soon be paying an escalated premium for a lease extension. Finn extended the lease just under the wire last March. Finn and the freeholder via the managing agents in the end agreed on an amount of £5,000 . If he failed to meet the deadline, the sum would have escalated by a minimum £900.

North Kensington case:

Dr R Leroy acquired a basement flat in North Kensington in February 2004. We are asked if we could approximate the price could be to prolong the lease by ninety years. Comparable properties in North Kensington with 100 year plus lease were worth £275,000. The mid-range ground rent payable was £65 collected yearly. The lease came to a finish in 2094. Taking into account 68 years remaining we approximated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of professional charges.

Decision in Kensington and Chelsea

An example of a Lease Extension decision for a North Kensington residence is 93 Oakwood Court in June 2010. the LVT determined that the premium to be paid for the new lease was £492,083, This case was in relation to 1 flat. The unexpired term as at the valuation date was 37.79 years.