Top reasons for West Wickham lease extension

Main reasons to start your West Wickham lease extension today:

A West Wickham leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in West Wickham you actually own a long leasehold interest over your property

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

Leasehold properties in West Wickham with in excess of one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lending institutions may decide not to grant a mortgage with a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly under 75 years as they are deemed to be inadequate security.

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

Retaining our service gives you better control over the value of your West Wickham leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

West Wickham Lease Extension Case Studies:

Dexter, West Wickham, South East London,

Dexter was the the leasehold owner of a 2 bedroom apartment in West Wickham being sold with a lease of just over 72 years remaining. Dexter informally approached his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £125 yearly. No ground rent would be payable on a lease extension were Dexter to invoke his statutory right. Dexter procured expert advice and was able to make a more informed judgement and deal with the matter and readily saleable.

West Wickham case:

Last Christmas we were e-mailed by Mr and Mrs. D David , who bought a one bedroom flat in West Wickham in March 1996. The question was if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Comparative properties in West Wickham with 100 year plus lease were in the region of £275,000. The mid-range ground rent payable was £65 billed per annum. The lease finished on 27 May 2094. Having 68 years outstanding we calculated the premium to the landlord for the lease extension to be between £13,300 and £15,400 plus expenses.