Wembley leases on domestic 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 falls below this level then you start paying an additional element called marriage value. Flat owners in Wembley will usually be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In certain cases you may not be entitled. There are prescribed timetables and procedures to follow once the process has commenced so it’s sensible to be guided by a conveyancing solicitor during the process.
Leasehold properties in Wembley with in excess of one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| Skipton Building Society | |
| The Mortgage Works |
Using our service will provide you better control over the value of your Wembley leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Nathaniel owned a studio apartment in Wembley being sold with a lease of just over fifty eight years left. Nathaniel informally contacted his freeholder a well known local-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 annually. No ground rent would be due on a lease extension were Nathaniel to exercise his statutory right. Nathaniel procured expert legal guidance and was able to make an informed decision and deal with the matter and sell the property.
Last April we were called by Mrs Isabella Peterson , who acquired a recently refurbished apartment in Wembley in July 2008. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Comparative premises in Wembley with a long lease were in the region of £171,800. The average ground rent payable was £55 billed quarterly. The lease concluded in 2076. Considering the 50 years outstanding we estimated the compensation to the landlord to extend the lease to be between £33,300 and £38,400 not including fees.
An example of a Lease Extension matter before the tribunal for a Wembley residence is Ground Floor Flat 79 London Road in September 2012. the Tribunal held that the premium payable for the lease extension should be £7,636 This case affected 1 flat. The remaining number of years on the lease was 74 years.