Why you should commence your Waddon lease extension

Main reasons to commence your Waddon lease extension today:

Increase your lease and increase your Waddon property value

When it comes to domestic leasehold property in Waddon, you effectively rent it for a certain period of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may think about a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease becomes disproportionately greater particularly when there are fewer than eighty years remaining. Anyone in Waddon with a lease drawing near to 81 years remaining should seriously think of extending it sooner than later. When the lease term has below 80 years left, under the relevant legislation the freeholder can calculate and levy a greater premium, assessed on a technical calculation, strangely termed as “marriage value” which is payable.

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

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

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

Nearly all banks and building societies require a lengthy amount of time remaining on a leasehold residence before they will contemplate providing a mortgage on it. Even if you don't require a mortgage, you should be aware that it is likely that someone wanting to buy your property in the future might well do, so where they can't obtain a mortgage, then the value of your property will likely suffer. Since 2008 many banks and building societies have increased the required minimum lease length that they are prepared to accept

Get in touch with one of our Waddon lease extension solicitors or enfranchisement solicitors

Lease extensions in Waddon can be a difficult process. We recommend you get professional help from a conveyancer 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 Waddon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Waddon Lease Extension Case Summaries:

Abbie, Waddon, South London,

Trailing unsuccessful correspondence with the freeholder of her first floor flat in Waddon, Abbie initiated the lease extension process just as her lease was approaching the critical eighty-year deadline. The transaction was concluded in October 2013. The freeholder’s charges were negotiated to about 550 pounds.

Waddon case:

Dr A Evans purchased a garden flat in Waddon in April 2010. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by 90 years. Identical residencies in Waddon with 100 year plus lease were worth £198,800. The average ground rent payable was £55 collected every twelve months. The lease ran out on 13 May 2081. Taking into account 55 years as a residual term we calculated the premium to the landlord to extend the lease to be between £33,300 and £38,400 exclusive of professional charges.