Why you should start your Wembley lease extension

Main reasons to start your Wembley lease extension today:

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

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Wembley. Inevitably, the term of lease remaining shortens over time. This may slip by relatively unnoticed when the flat or house needs to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more it will cost to extend the lease. Qualifying leaseholders in Wembley have the legal entitlement to extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. You should give careful consideration before putting off your Wembley lease extension. Holding off the cost now likely increases the price you will eventually have to pay to extend your lease

Wembley property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years in the future.

Lenders may not finance a property with a short lease

Almost all mortgage companies require a lengthy amount of time remaining on any leasehold residence before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be conscious that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so where they can't get a mortgage, then the market price of the property will likely be adversely impacted. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Wembley lease extensions?

Regardless of whether you are a tenant or a landlord in Wembley,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Wembley valuers.

Wembley Lease Extension Case Studies:

Eli, Wembley, North West London

Two years ago Eli, came seriously near to the 80-year threshold with the lease on his purpose- built apartment in Wembley. Having bought his property two decades ago, the unexpired term was of minimal bearing. Thankfully, he became aware that he would soon be paying way over the odds for a lease extension. Eli extended the lease at the eleventh hour in April. Eli and the freeholder via the management company subsequently agreed on a premium of £6,000 . If the lease had gone lower than 80 years, the premium would have escalated by a minimum £1,125.

Wembley case:

In 2014 we were phoned by Dr Harvey Peterson who, having completed a basement apartment in Wembley in May 2000. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by ninety years. Comparative residencies in Wembley with 100 year plus lease were worth £210,000. The mid-range amount of ground rent was £50 billed per annum. The lease came to a finish in 2104. Considering the 80 years left we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of fees.