Wimbledon leases on domestic deteriorating in value. Where your lease has in the region of ninety 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 dips below this level then you start paying an additional element called marriage value. Leasehold owners in Wimbledon will mostly qualify for a lease extension; however a solicitor will confirm if you qualify. In certain circumstances you may not be entitled. There are also strict deadlines and steps to comply with once the process is initiated so it’s sensible to be guided by a lawyer during the process.
Leasehold premises in Wimbledon with over one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Godiva Mortgages | |
| National Westminster Bank | |
| Virgin |
Lease extensions in Wimbledon can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
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 in-depth market knowledge procuring Wimbledon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Riley was the the leasehold owner of a studio apartment in Wimbledon being marketed with a lease of a little over 61 years unexpired. Riley on an informal basis contacted his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Riley to invoke his statutory right. Riley obtained expert legal guidance and secured an acceptable deal informally and readily saleable.
Last Spring we were contacted by Dr I Gray , who took over the lease of a one bedroom apartment in Wimbledon in October 2007. The question was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Identical residencies in Wimbledon with a long lease were valued about £233,200. The average ground rent payable was £60 collected every twelve months. The lease came to a finish in 2087. Taking into account 61 years unexpired we estimated the premium to the freeholder to extend the lease to be between £22,800 and £26,400 plus fees.
An example of a Freehold Enfranchisement case for a Wimbledon flat is 629 Garratt Lane in September 2014. The consideration payable for the acquisition of the freehold of the subject property was the sum £21,302.74. This represented a valuation of the freehold in the sum of £23,864 from which the sum of £2561.27 has been deducted in respect of certain costs in repairing and insuring the premises This case related to 3 flats. The unexpired term as at the valuation date was 72.94 years.