Top reasons for Waddon lease extension

Why you should commence your Waddon lease extension today:

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

On the balance of probabilities where you own a flat in Waddon you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is generally considered that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to grant a mortgage with a short lease

Mortgage companies do not lend on short residential leases. You are likely to encounter problems where you want to sell your flat in Waddon if the unexpired term of your lease is below the criteria set by most lenders. Different lenders have varying criteria but generally theyrequire a minimum remaining lease term of 65 years.

Why use us for your lease extension in Waddon?

The lawyers that we work with procure 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 conveyancer we work with provide it.

Waddon Lease Extension Example Cases:

Harrison, Waddon, South London

Two years ago Harrison, started to get close to the 80-year threshold with the lease on his first floor apartment in Waddon. In buying his flat two decades ago, the unexpired term was of little interest. As luck would have it, he realised he needed to take steps soon on a lease extension. Harrison was able to extend his lease just under the wire last April. Harrison and the freeholder in the end agreed on a premium of £5,500 . If he not met the deadline, the premium would have increased by a minimum £1,075.

Waddon case:

In 2009 we were phoned by Mr Matthew Martinez who, having bought a basement flat in Waddon in July 1999. The dilemma was if we could estimate the price could be to extend the lease by 90 years. Comparative homes in Waddon with a long lease were in the region of £248,000. The average ground rent payable was £65 collected yearly. The lease lapsed on 18 March 2089. Given that there were 63 years remaining we estimated the compensation to the freeholder to extend the lease to be between £20,000 and £23,000 plus fees.