Why you should start your Canary Wharf lease extension

Why you should start your Canary Wharf lease extension today:

Increase your lease and increase your Canary Wharf property value

The nearer a domestic lease in Canary Wharf gets to zero years unexpired, the more it reduces the value of the property. Where the residual term has, over 99 years to run then this decrease may be fractional nevertheless there will become a stage when a lease has under than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should extend the lease sooner as opposed to later. Many flat owners in Canary Wharf will qualify for this right; however a conveyancer should be able to advise if you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

Canary Wharf property with a lease extension is almost the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to issue a mortgage on a short lease

Banks and building societies do not like short residential leases. You are likely to encounter problems if you wish to sell your flat in Canary Wharf if the unexpired term of your lease is below the criteria set by most lenders. Different mortgage companies have different requirements but in the main they are looking for an unexpired term of at least seventy years.

Why use us for your lease extension in Canary Wharf?

Engaging our service will provide you increased control over the value of your Canary Wharf leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Canary Wharf Lease Extension Case Studies:

Katherine, Canary Wharf, London,

After protracted negotiations with the freeholder of her basement apartment in Canary Wharf, Katherine commenced the lease extension process just as her lease was coming close to the crucial 80-year mark. The lease extension was concluded in November 2015. The landlord’s fees were kept to an absolute minimum.

Canary Wharf case:

In 2011 we were called by Mrs Imogen Vincent who, having took over the lease of a ground floor apartment in Canary Wharf in November 2002. We are asked if we could approximate the premium would be for a ninety year extension to my lease. Comparative homes in Canary Wharf with a long lease were in the region of £181,600. The mid-range ground rent payable was £55 invoiced every twelve months. The lease termination date was in 2078. Given that there were 52 years unexpired we calculated the premium to the landlord for the lease extension to be between £30,400 and £35,200 exclusive of expenses.