Top reasons for Wimbledon lease extension

Main reasons to start your Wimbledon lease extension today:

Increase your lease and increase your Wimbledon property value

Wimbledon leases on domestic deteriorating in value. if your lease has approximately 90 years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you start incurring an additional element called marriage value. Flat owners in Wimbledon will mostly be legally entitled to a lease extension; however It would be wise to check with a lawyer to check if you qualify. In some situations you may not qualify. There are prescribed deadlines and procedures to comply with once the process is initiated so it’s wise to be guided by a conveyancer during the process.

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

It is generally considered that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may not issue a mortgage on a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to become jittery at around 75 years. This may be problematic when you wish to dispose of or refinance your flat as it will be practically unmortgageable. You might have no immediate plan to sell but when you do your buyer will need to wait two years before they can initiate the legal procedures for a lease extension.

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

Using our service gives you increased control over the value of your Wimbledon leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Wimbledon Lease Extension Case Summaries:

Ben, Wimbledon, South West London

Last year Ben, started to get near to the 80-year mark with the lease on his leasehold flat in Wimbledon. Having purchased his home 18 years previously, the unexpired term was of little relevance. As luck would have it, it dawned on him that he needed to take steps soon on Extending the lease. Ben was able to extend his lease just ahead of time in August. Ben and the freeholder via the management company subsequently agreed on the final figure of £5,500 . If the lease had dropped below eighty years, the amount would have escalated by a minimum £900.

Wimbledon case:

Last Autumn we were approach by Mr and Mrs. K González , who was assigned a lease of a purpose-built apartment in Wimbledon in March 1996. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Similar properties in Wimbledon with a long lease were in the region of £280,000. The mid-range ground rent payable was £45 collected per annum. The lease end date was on 16 June 2095. Having 69 years remaining we estimated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 plus expenses.