The closer a domestic lease in Wembley nears to zero years unexpired, the more it reduces the value of the property. Where the lease has, over 125 years remaining then this decrease may be of little impact however there will become a point in time when a lease has under than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should extend the lease without delay. The majority of flat owners in Wembley will meet the qualifying criteria; nevertheless a conveyancing solicitor can advise if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Wembley can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Wembley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of eight months of unsuccessful discussions with the landlord of her basement flat in Wembley, Ellen started the lease extension process as the 80 year threshold was quickly advancing. The lease extension was finalised in April 2010. The freeholder’s costs were restricted to less than 550 pounds.
Dr S Young acquired a purpose-built flat in Wembley in March 2005. The question was if we could shed any light on how much (approximately) price would be to prolong the lease by 90 years. Identical premises in Wembley with a long lease were in the region of £295,000. The mid-range amount of ground rent was £50 invoiced annually. The lease ran out in 2100. Taking into account 75 years remaining we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of fees.
An example of a Lease Extension decision 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.