Top reasons for Wimbledon lease extension

Top reasons for lease extension now:

Increase your lease and increase your Wimbledon property value

Wimbledon leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Wimbledon enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Wimbledon you would be well advised to investigate if your lease has between seventy and ninety years remaining. There are compelling reasons why a Wimbledon flat owner with a lease having around 80 years left should take steps to ensure that a lease extension is actioned without delay

Wimbledon property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Wimbledon with over one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies will not issue a mortgage on a short lease

Lenders are really clamping down as regards to homes in Wimbledon with short leases. For example you might discover that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you needed to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus reducing the number of prospective purchasers.

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

Regardless of whether you are a tenant or a landlord in Wimbledon,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Wimbledon valuers.

Wimbledon Lease Extension Case Summaries:

Megan, Wimbledon, South West London,

Subsequent to lengthy correspondence with the freeholder of her garden flat in Wimbledon, Megan commenced the lease extension process just as her lease was approaching the all-important eighty-year deadline. The legal work was concluded in July 2005. The freeholder’s fees were kept to an absolute minimum.

Wimbledon case:

Dr L Roux completed a recently refurbished apartment in Wimbledon in April 2001. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparable premises in Wimbledon with 100 year plus lease were worth £290,000. The mid-range amount of ground rent was £45 collected annually. The lease lapsed in 2099. Considering the 73 years remaining we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of costs.