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Why you should start your Wembley lease extension

Top reasons for lease extension now:

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

The value of Wembley leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate significantly once the remaining term is below than eighty years

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

Leasehold residencies in Wembley with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Lenders may not lend with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to get jittery at around 75 years. This may cause difficulties when you wish to dispose of or remortgage your flat as it will be effectively unmortgageable. Even though you might not have an immediate intention to sell but when you do your buyer will need to wait two years before they can exercise the right to a an extension to the lease.

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.
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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.

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

The conveyancers 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 conveyancing solicitor we work with provide it.

Wembley Lease Extension Case Summaries:

Paige, Wembley, North West London,

After unsuccessful negotiations with the freeholder of her first floor apartment in Wembley, Paige started the lease extension process as the 80 year deadline was quickly coming. The legal work was concluded in August 2005. The freeholder’s charges were negotiated to below five hundred GBP.

Wembley case:

In 2011 we were contacted by Mr and Mrs. F Patel who, having completed a purpose-built apartment in Wembley in August 1995. The question was if we could approximate the premium could be for a ninety year lease extension. Similar properties in Wembley with 100 year plus lease were in the region of £206,200. The average amount of ground rent was £55 invoiced annually. The lease ran out in 2081. Considering the 56 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 plus professional charges.

Decision in Brent

An example of a Lease Extension matter before the tribunal for a Wembley property 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 related to 1 flat. The unexpired term as at the valuation date was 74 years.