Top reasons for Waddon lease extension

Why you should commence your Waddon lease extension today:

Increase your lease and increase your Waddon property value

The nearer a residential lease in Waddon nears to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, in excess of one hundred years remaining then this decrease may be fractional however there will become a point in time when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should extend the lease sooner than later. The majority of flat owners in Waddon will qualify for this right; nevertheless a lawyer can confirm if you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

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

It is generally considered that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lending institutions may decide not to finance a property on a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly below 75 years as they are considered to be unacceptable security.

Why use us for your lease extension in Waddon?

Using our service gives you increased control over the value of your Waddon leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Waddon Lease Extension Example Cases:

Cameron, Waddon, South London

During the course of the last few months Cameron, started to get near to the 80-year threshold with the lease on his leasehold apartment in Waddon. Having purchased his home 19 years ago, the unexpired term was of little significance. Thankfully, he noticed he would soon be paying way over the odds for Extending the lease. Cameron was able to extend his lease just ahead of time in April. Cameron and the landlord who owned the flat above eventually settled on the final figure of £5,500 . If he failed to meet the deadline, the price would have escalated by at least £975.

Waddon case:

In 2011 we were called by Mr Eliot Bell who, having moved into a one bedroom flat in Waddon in September 2007. We are asked if we could estimate the premium could be to extend the lease by ninety years. Similar premises in Waddon with a long lease were in the region of £174,200. The mid-range amount of ground rent was £55 collected per annum. The lease finished in 2077. Taking into account 51 years unexpired we estimated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 exclusive of professional charges.