Why you should commence your Walham Green lease extension

Why you should start your Walham Green lease extension today:

Increase your lease and increase your Walham Green property value

Walham Green leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Most owners of residential leasehold property in Walham Green enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Walham Green you should see if your lease has between seventy and ninety years remaining. There are compelling reasons why a Walham Green flat owner with a lease having around eighty years left should take steps to ensure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

Leasehold residencies in Walham Green with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.

Lending institutions may decide not to issue a mortgage on a short lease

The trend since the credit crunch has been for mortgage companies to tighten lending requirements across the board - this has extended to the types of security over which the home loan is to be charged. This has meant the minimum number of years remaining under the lease required by lenders has increased. Historically lenders would grant a mortgage on a lease with 25 years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

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

Lease extensions in Walham Green can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor with experience in this area.

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 a wealth of experience procuring Walham Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Walham Green Lease Extension Example Cases:

Lucas, Walham Green, West London

Last Autumn Lucas, came dangerously close to the eighty-year mark with the lease on his studio flat in Walham Green. Having bought his flat twenty years previously, the length of the lease was of minimal significance. Thankfully, he realised he would soon be paying way over the odds for a lease extension. Lucas was able to extend his lease just under the wire last May. Lucas and the freeholder via the management company subsequently agreed on the final figure of £6,000 . If he failed to meet the deadline, the premium would have gone up by a minimum £850.

Walham Green case:

Mr O Rogers purchased a one bedroom apartment in Walham Green in August 1995. We are asked if we could approximate the premium could be to prolong the lease by ninety years. Similar properties in Walham Green with 100 year plus lease were valued about £168,800. The mid-range ground rent payable was £60 invoiced monthly. The lease ended on 14 June 2081. Given that there were 55 years unexpired we estimated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 exclusive of fees.

Walham Green case:

Last Summer we were e-mailed by Dr Jason Nelson , who was assigned a lease of a basement apartment in Walham Green in May 2001. The question was if we could shed any light on how much (roughly) premium could be to extend the lease by 90 years. Similar flats in Walham Green with a long lease were in the region of £235,200. The mid-range amount of ground rent was £45 invoiced yearly. The lease terminated on 11 June 2092. Taking into account 66 years unexpired we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus legals.