Why you should commence your Wembley lease extension

Top reasons for lease extension now:

Increase your lease and increase your Wembley property value

Unfortunately that a Wembley residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the Wembley property prices.Once your lease gets to 85ish years, you need to start considering a lease extension. If the number of years remaining slips below 80 years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property The majority of flat owners in Wembley will be able to extend under the legislation; however a conveyancer will be able to clarify if you are eligibility. In some situations you may not qualify. There are also strict timeframes and procedures to be adhered to once the process is initiated and you will need to be guided by your lawyer for the duration of the formalities.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for decades to come.

Lenders will not grant a mortgage on a short lease

Almost all banks and building societies will not grant a mortgage on a lease with less than 70 years unexpired - although this varies from lender to lender. A purchaser will no doubt find it difficult in obtaining a mortgage and this could result in your Wembley property being difficult to dispose of or to obtain finance on.

What makes us experts in Wembley lease extensions?

The lawyers that we work with handle Wembley 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.

Wembley Lease Extension Example Cases:

Jayden, Wembley, North West London,

Jayden was the the leasehold proprietor of a studio apartment in Wembley on the market with a lease of a few days over fifty eight years outstanding. Jayden on an informal basis spoke with his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Jayden to exercise his statutory right. Jayden procured expert legal guidance and was able to make an informed judgement and handle with the matter and readily saleable.

Wembley case:

Mrs T Evans bought a studio flat in Wembley in April 1996. The dilemma was if we could shed any light on how much (roughly) price would likely be to prolong the lease by 90 years. Identical residencies in Wembley with 100 year plus lease were valued about £260,200. The mid-range ground rent payable was £65 collected yearly. The lease finished on 7 July 2092. Having 66 years remaining we approximated the compensation to the landlord for the lease extension to be between £15,200 and £17,600 plus professional charges.