Kilburn leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Kilburn enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Kilburn you really ought to see if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value
It is generally accepted that a property with more than 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 property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Coventry Building Society | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Kilburn can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
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 Kilburn lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 6 months of lengthy negotiations with the landlord of her basement flat in Kilburn, Sarah initiated the lease extension process as the eighty year mark was rapidly coming. The transaction was concluded in June 2012. The landlord’s costs were restricted to a tad over 450 pounds.
Last Christmas we were contacted by Ms I Cooper , who bought a purpose-built apartment in Kilburn in January 2008. The question was if we could shed any light on how much (roughly) premium could be to prolong the lease by an additional years. Similar residencies in Kilburn with a long lease were worth £240,600. The mid-range amount of ground rent was £65 billed quarterly. The lease elapsed in 2086. Considering the 62 years left we estimated the premium to the landlord for the lease extension to be between £21,900 and £25,200 not including costs.
An example of a Freehold Enfranchisement decision for a Kilburn 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 was in relation to 2 flats. The unexpired residue of the current lease was 70.02 years.