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Why you should commence your Canary Wharf lease extension

Main reasons to commence your Canary Wharf lease extension today:

A Canary Wharf leasehold property depreciates with the years remaining on the lease.

The value of Canary Wharf leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase substantially once the remaining term is less than eighty years

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

It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for many years in the future.

Lenders may not finance a property on a short lease

Banks and building societies are making their criteria more stringent and many now require flats to have a minimum of sixty if not seventy years remaining at the expiry of the mortgage. As many flats in Canary Wharf were created in the fifties, sixties and seventies this means many now require lease extensions if they wish to obtain a mortgage.

Lender Requirement
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Canary Wharf lease extensions?

The lawyers that we work with handle Canary Wharf 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 lawyer we work with provide it.

Canary Wharf Lease Extension Case Studies:

Megan, Canary Wharf, London,

Trailing unsuccessful negotiations with the freeholder of her leasehold apartment in Canary Wharf, Megan started the lease extension process as the 80 year mark was rapidly approaching. The transaction was finalised in January 2014. The freeholder’s costs were kept to an absolute minimum.

Canary Wharf case:

In 2012 we were called by Mrs N González who, having acquired a one bedroom flat in Canary Wharf in July 2000. The question was if we could estimate the price could be for a 90 year lease extension. Identical residencies in Canary Wharf with a long lease were valued about £250,400. The average amount of ground rent was £65 invoiced yearly. The lease came to a finish on 9 June 2089. Given that there were 64 years remaining we approximated the premium to the landlord for the lease extension to be within £19,000 and £22,000 not including costs.

Decision in Southwark

An example of a Freehold Enfranchisement case for a Canary Wharf residence is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case affected 3 flats. The unexpired residue of the current lease was 101.61 years.