Why you should commence your Wembley lease extension

Why you should start your Wembley lease extension today:

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

Wembley residential property owned on a long lease is a depreciating asset as the leaseholder only owns the property for a set term.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lending institutions may not grant a mortgage with a short lease

Almost all mortgage lenders will not grant a mortgage on a lease with less than 70 years unexpired - although this varies between mortgage companies. A purchaser will no doubt find it difficult to obtain a mortgage and this could result in your Wembley property becoming difficult to sell or to obtain finance on.

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

The conveyancing solicitors that we work with handle Wembley 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.

Wembley Lease Extension Case Summaries:

Michael, Wembley, North West London

In 2014 Michael, came precariously close to the 80-year mark with the lease on his purpose- built apartment in Wembley. In buying his property two decades ago, the unexpired term was of minimal interest. Fortunately, he became aware that he needed to take action soon on a lease extension. Michael was able to extend his lease just ahead of time in January. Michael and the landlord who owned the flat above subsequently settled on a premium of £5,000 . If the lease had dropped to less than 80 years, the premium would have become more costly by at least £925.

Wembley case:

Last year we were approach by Dr Y Turner , who completed a first floor apartment in Wembley in June 2009. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by ninety years. Comparable flats in Wembley with 100 year plus lease were valued around £240,600. The average amount of ground rent was £60 collected per annum. The lease ran out on 25 August 2088. Given that there were 62 years outstanding we estimated the premium to the freeholder to extend the lease to be within £21,900 and £25,200 plus legals.