Why you should commence your Waddon lease extension

Why you should commence your Waddon lease extension today:

A Waddon lease depreciates with the years remaining on the lease.

Waddon leases on residential properties are gradually losing value. Where your lease has about 90 years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you start paying an additional element called marriage value. Flat owners in Waddon will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to check if you qualify. In certain circumstances you may not be entitled. There are prescribed deadlines and steps to comply with once the process has commenced so it’s sensible to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Waddon with in excess of 100 years unexpired on the lease are sometimes 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 to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.

Banks and Building Societies may not grant a mortgage on a short lease

Almost all banks and building societies insist on a lengthy amount of time remaining on any leasehold property before they will contemplate it as adequate security. Even if you don't require a mortgage, you should be aware that it is likely that someone intending to acquire your property in the future might well do, so where they are unable to secure a mortgage, then the value of your property will likely suffer. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to accept

What makes us experts in Waddon lease extensions?

The conveyancers that we work with handle Waddon 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 lawyer we work with provide it.

Waddon Lease Extension Example Cases:

Noah, Waddon, South London

Last year Noah, started to get near to the eighty-year mark with the lease on his two bedroom flat in Waddon. Having purchased his home two decades ago, the unexpired term was of minimal significance. Fortunately, it dawned on him that he would soon be paying an inflated amount for Extending the lease. Noah arranged for a lease extension just under the wire in July. Noah and the freeholder in the end settled on the final figure of £5,000 . If he not met the deadline, the figure would have increased by at least £925.

Waddon case:

In 2009 we were called by Dr A Roux who, having took over the lease of a one bedroom flat in Waddon in November 2010. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year extension to my lease. Comparative premises in Waddon with 100 year plus lease were worth £223,400. The mid-range amount of ground rent was £60 invoiced monthly. The lease expired on 6 November 2085. Having 59 years left we estimated the premium to the freeholder to extend the lease to be between £27,600 and £31,800 plus expenses.