Why you should start your West Wickham lease extension

Why you should start your West Wickham lease extension today:

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

West Wickham leases on domestic deteriorating in value. if your lease has in the region of 90 years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you start incurring an additional element called marriage value. Leasehold owners in West Wickham will usually be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In certain circumstances you may not be entitled. There are prescribed deadlines and steps to follow once the process is triggered so it’s best to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lenders may decide not to issue a mortgage with a short lease

Most mortgage lenders have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly below 75 years as they are considered to be inadequate for lending purposes.

What makes us experts in West Wickham lease extensions?

Engaging our service gives you increased control over the value of your West Wickham leasehold, as your property will be more valuable and marketable in relation to the lease length should you want 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:

Liam, West Wickham, South East London,

Liam was the the leasehold proprietor of a studio apartment in West Wickham being marketed with a lease of just over sixty years unexpired. Liam on an informal basis contacted his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Liam to exercise his statutory right. Liam obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and sell the property.

West Wickham case:

In 2012 we were e-mailed by Mr and Mrs. D Walker who, having took over the lease of a newly refurbished flat in West Wickham in October 2002. The question was if we could estimate the premium would be to prolong the lease by an additional years. Comparable flats in West Wickham with a long lease were worth £210,000. The mid-range ground rent payable was £50 billed every twelve months. The lease elapsed on 14 May 2106. Taking into account 80 years remaining we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of professional charges.