Wembley Park Lease Extension - Free Consultation

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Before you progress with your lease extension in Wembley Park
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Main reasons to start your Wembley Park lease extension

Why you should commence your Wembley Park lease extension today:

A Wembley Park leasehold property depreciates with the years remaining on the lease.

The market value of Wembley Park 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 unexpired lease term is below than 80 years

Wembley Park property with a lease extension is almost the same value as a freehold

Leasehold properties in Wembley Park with in excess of 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lending institutions may decide not to finance a property with a short lease

Nearly all banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will consider providing a mortgage on it. Even if you don't need a mortgage, you should keep in mind that it is reasonable to assume that someone wanting to purchase your property in the future might well do, so where they can't secure a mortgage, then the market price of your property will likely suffer. Since 2008 many mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Get in touch with one of our Wembley Park lease extension solicitors or enfranchisement solicitors

Lease extensions in Wembley Park can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor with experience in lease extensions.

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 Wembley Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Wembley Park Lease Extension Example Cases:

Melissa, Wembley Park, North London,

Following lengthy correspondence with the freeholder of her leasehold flat in Wembley Park, Melissa started the lease extension process as the eighty year deadline was swiftly nearing. The legal work was concluded in June 2008. The landlord’s costs were kept to an absolute minimum.

Wembley Park case:

Mr and Mrs. C Bell completed a recently refurbished apartment in Wembley Park in September 2011. The question was if we could approximate the price could be for a 90 year extension to my lease. Comparable flats in Wembley Park with an extended lease were in the region of £267,600. The average ground rent payable was £65 collected every twelve months. The lease elapsed in 2092. Considering the 67 years remaining we estimated the premium to the freeholder for the lease extension to be between £14,300 and £16,400 plus fees.

Decision in Brent

An example of a Lease Extension matter before the tribunal for a Wembley Park residence is Ground Floor Flat 69 Clifton Avenue in March 2012. the Tribunal determined that the premium payable for the new lease was £5,932 This case related to 1 flat. The remaining number of years on the lease was 76.06 years.