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Why you should start your Welling lease extension

Why you should start your Welling lease extension today:

Increase your lease and increase your Welling property value

The market value of Welling leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase significantly once the remaining term is below than eighty years

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

It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not issue a mortgage with a short lease

Banks and Building Societies are less likely to grant a mortgage on a residential property in Welling with a short lease. Some lenders simply refuse to lend on leases with less than 75 years left.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Godiva Mortgages 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.
National Westminster Bank Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Welling lease extensions?

Regardless of whether you are a tenant or a freeholder in Welling,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Welling valuers.

Welling Lease Extension Example Cases:

Georgia, Welling, South East London,

Trailing unsuccessful discussions with the landlord of her purpose-built flat in Welling, Georgia started the lease extension process as the eighty year threshold was fast coming. The lease extension was finalised in February 2010. The landlord’s charges were kept to an absolute minimum.

Welling case:

Mr and Mrs. F Flores purchased a purpose-built flat in Welling in March 2002. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Comparable premises in Welling with a long lease were valued about £260,000. The mid-range amount of ground rent was £50 billed monthly. The lease came to a finish on 10 September 2098. Given that there were 73 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus expenses.

Decision in Greenwich

An example of a Lease Extension matter before the tribunal for a Welling property is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case was in relation to 1 flat.