Top reasons for North Wembley lease extension

Main reasons to start your North Wembley lease extension today:

Increase your lease and increase your North Wembley property value

It’s a harsh certainty that a North Wembley residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the first few years due to the deflation being disguised by increases in the North Wembley property market.Where your lease has approximately 90 years left, you need to start considering a lease extension. If the number of years remaining dips below eighty years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of leasehold owners in North Wembley will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm whether you qualify for an extension. In some situations you may not be entitled. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your lawyer for the duration of the process.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not lend with a short lease

What makes us experts in North Wembley lease extensions?

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

North Wembley Lease Extension Case Studies:

Harvey, North Wembley, North London

Last October Harvey, started to get close to the 80-year threshold with the lease on his basement apartment in North Wembley. In buying his property two decades ago, the unexpired term was of no significance. Fortunately, he recognised he would imminently be paying an escalated premium for a lease extension. Harvey was able to extend his lease at the eleventh hour in April. Harvey and the landlord who owned the flat above ultimately settled on sum of £6,000 . If he failed to meet the deadline, the sum would have become more exhorbitant by a minimum £850.

North Wembley case:

Mrs Nicole Simon acquired a one bedroom flat in North Wembley in July 2008. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a ninety year extension to my lease. Similar premises in North Wembley with 100 year plus lease were in the region of £168,800. The mid-range ground rent payable was £60 invoiced annually. The lease elapsed on 10 June 2081. Considering the 55 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 exclusive of fees.