Top reasons for Canary Wharf lease extension

Main reasons to commence your Canary Wharf lease extension today:

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

The market value of Canary Wharf leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate substantially once the remaining term is less than 80 years

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

It is generally considered that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Lenders may decide not to loan monies with a short lease

Banks and building societies will not grant a mortgage on short residential leases. You most probably experience problems if you need to sell your flat in Canary Wharf if the remaining term of your lease is less than the criteria set by most mortgage companies. Different mortgage companies have varying criteria but in the main theyrequire an unexpired term of at least 65 years.

What makes us experts in Canary Wharf lease extensions?

Lease extensions in Canary Wharf can be a difficult process. We recommend you secure professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Canary Wharf lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Canary Wharf Lease Extension Example Cases:

Alfie, Canary Wharf, London

Last Spring Alfie, came critically near to the eighty-year mark with the lease on his studio apartment in Canary Wharf. Having bought his flat two decades ago, the lease term was of no relevance. by good luck, he noticed he needed to take steps soon on Extending the lease. Alfie extended the lease just under the wire last June. Alfie and the freeholder in the end agreed on the final figure of £5,500 . If the lease had dropped to less than 80 years, the sum would have gone up by at least £975.

Canary Wharf case:

Dr K Stewart completed a newly refurbished flat in Canary Wharf in August 2005. The question was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparable residencies in Canary Wharf with a long lease were in the region of £300,000. The mid-range ground rent payable was £50 billed quarterly. The lease concluded on 27 August 2101. Considering the 75 years remaining we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of legals.