Top reasons for Wembley lease extension

Top reasons for lease extension now:

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

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 taken for granted in the first few years due to the deflation being disguised by increases in the Wembley property market.Where your lease has approximately 90 years left, you need to start considering a lease extension. If lease term dips under 80 years, you will then be required to pay 50% 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 extra 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 conveyancing solicitor should be able to clarify whether you qualify for an extension. In some cases you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer throughout the formalities.

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

Leasehold residencies in Wembley with more than one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Lenders may not issue a mortgage on a short lease

Banks and Building Societies have set criteria when lending monies secured on leasehold homes. Some will simply refuse lend at all once an unexpired lease term drops lower than a certain unexpired lease term. Many Lending institutions will not consider property with a remaining below seventy years suitable security. In addition to this being important when selling, it is also relevant if you are seeking to remortgage your Wembley property.

What makes us experts in Wembley lease extensions?

The conveyancing solicitors that we work with procure 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 Case Summaries:

Rachael, Wembley, North West London,

Off the back of lengthy discussions with the landlord of her garden flat in Wembley, Rachael commenced the lease extension process as the 80 year threshold was rapidly nearing. The legal work was finalised in July 2005. The landlord’s costs were kept to an absolute minimum.

Wembley case:

Last Summer we were contacted by Mr S Campbell , who was assigned a lease of a recently refurbished apartment in Wembley in August 2003. We are asked if we could estimate the price would likely be for a ninety year lease extension. Similar flats in Wembley with a long lease were worth £200,000. The mid-range ground rent payable was £50 invoiced yearly. The lease expired on 18 June 2103. Having 77 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus costs.