Main reasons to start your Wembley lease extension

Top reasons for lease extension now:

Increase your lease and increase your Wembley property value

It’s an underpublicised certainty that a Wembley residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Wembley property market.Once your lease nears 85ish years, you need to start thinking about a lease extension. If the number of years remaining dips 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. The marriage fee is the amount of extra value that a lease extension will add the property The majority of leasehold 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 cases you may not qualify. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your lawyer from beginning to end of the process.

An extended lease is almost the same value as a freehold

Leasehold properties in Wembley with over 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders will not grant a mortgage with a short lease

Lending institutions have set criteria when lending monies charged on leasehold property. Some will simply refrain from lending at all once the remaining lease term goes under a certain unexpired lease term. Many Mortgage lenders will not regard property with an unexpired below 75 years as adequate security. In addition to this being important when selling, it is also relevant if you are seeking to remortgage your Wembley property.

Why use us for your lease extension in Wembley?

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 conveyancing solicitor we work with provide it.

Wembley Lease Extension Case Studies:

Isaac, Wembley, North West London

Half a year ago Isaac, started to get near to the eighty-year threshold with the lease on his two bedroom apartment in Wembley. In buying his property 19 years previously, the lease term was of little importance. Thankfully, he became aware that he needed to take action soon on a lease extension. Isaac arranged for a lease extension at the eleventh hour last July. Isaac and the freeholder via the managing agents eventually agreed on an amount of £6,000 . If he had missed the deadline, the figure would have become more exhorbitant by a minimum £950.

Wembley case:

Dr B Parker acquired a purpose-built apartment in Wembley in March 1996. The question was if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Identical residencies in Wembley with a long lease were in the region of £191,400. The mid-range amount of ground rent was £55 collected annually. The lease expiry date was in 2080. Considering the 54 years left we estimated the premium to the landlord to extend the lease to be within £34,200 and £39,600 plus legals.