Top reasons for North Wembley lease extension

Why you should start your North Wembley lease extension today:

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

North Wembley 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 the lease gets more expensive. Most owners of residential leasehold property in North Wembley enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in North Wembley you really ought to see if your lease has between 70 and ninety years left. There are good reasons why a North Wembley leaseholder with a lease having around eighty years left should take steps to ensure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

Leasehold premises in North Wembley with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may decide not to lend with a short lease

Banks and Building Societies have set criteria when lending funds secured on leasehold property. Many will simply refuse lend at all once an unexpired lease term goes lower than a certain unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired term of less than 75 years suitable security. In addition to this being important when selling, it is also relevant where you are wanting to refinance your North Wembley property.

Why use us for your lease extension in North Wembley?

Regardless of whether you are a tenant or a landlord in North Wembley,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with North Wembley valuers.

North Wembley Lease Extension Example Cases:

Hugo, North Wembley, North London

Twenty four months ago Hugo, came dangerously close to the 80-year threshold with the lease on his purpose- built apartment in North Wembley. Having purchased his flat two decades ago, the unexpired term was of minimal relevance. Thankfully, he noticed he needed to take action soon on a lease extension. Hugo was able to extend his lease just under the wire in January. Hugo and the freeholder eventually settled on the final figure of £6,000 . If the lease had fallen to less than 80 years, the premium would have increased by at least £1,025.

North Wembley case:

Mr and Mrs. M Leroy acquired a basement apartment in North Wembley in November 2000. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Comparable residencies in North Wembley with a long lease were valued around £254,200. The average ground rent payable was £60 billed every twelve months. The lease concluded on 2 November 2077. Considering the 51 years left we approximated the premium to the landlord to extend the lease to be between £43,700 and £50,600 not including fees.