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 losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Wimbledon tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Wimbledon you really ought to investigate if your lease has between seventy and ninety years remaining. There are good reasons why a Wimbledon leaseholder with a lease having around eighty years left should take steps to make sure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies will not finance a property with a short lease

Almost all mortgage lenders will be unwilling to grant a mortgage on a lease with less than 70 years unexpired - although this varies between mortgage companies. A purchaser will likely find it difficult to obtain a mortgage and this will result in your Wimbledon property becoming difficult to dispose of or to obtain finance on.

What makes us experts in Wimbledon lease extensions?

The conveyancing solicitors that we work with handle Wimbledon 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 conveyancer we work with provide it.

Wimbledon Lease Extension Case Summaries:

Poppy, Wimbledon, South West London,

Subsequent to unsuccessful negotiations with the landlord of her leasehold apartment in Wimbledon, Poppy commenced the lease extension process as the eighty year deadline was fast nearing. The lease extension was concluded in May 2006. The freeholder’s fees were kept to an absolute minimum.

Wimbledon case:

In 2010 we were called by Mrs O Morgan who, having was assigned a lease of a first floor flat in Wimbledon in October 2001. The question was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparative flats in Wimbledon with an extended lease were in the region of £213,600. The mid-range amount of ground rent was £60 invoiced annually. The lease elapsed on 28 January 2083. Considering the 57 years outstanding we estimated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 plus legals.