Top reasons for Wallington lease extension

Main reasons to start your Wallington lease extension today:

Increase your lease and increase your Wallington property value

The market value of Wallington leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase substantially once the unexpired lease term is less than 80 years

Wallington property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Wallington with in excess of 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Mortgage lenders will not issue a mortgage on a short lease

The propensity since 2008 has been for lenders to tighten lending requirements generally - this has extended to the property over which the mortgage is to be granted. This has resulted in the unexpired lease term required by banks has increased. Historically banks were content with twenty years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Wallington?

Regardless of whether you are a tenant or a landlord in Wallington,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Wallington valuers.

Wallington Lease Extension Example Cases:

Hugo, Wallington, Surrey

In recent months Hugo, came dangerously near to the 80-year threshold with the lease on his first floor apartment in Wallington. Having bought his property two decades ago, the lease term was of little concern. Thankfully, he recognised he needed to take action soon on Extending the lease. Hugo arranged for a lease extension just under the wire in May. Hugo and the freeholder via the managing agents ultimately agreed on sum of £6,000 . If he failed to meet the deadline, the premium would have become more exhorbitant by at least £1,125.

Wallington case:

In 2012 we were e-mailed by Mr and Mrs. T Cooper who, having was assigned a lease of a studio flat in Wallington in April 2003. The question was if we could shed any light on how much (roughly) premium would be for a 90 year lease extension. Identical flats in Wallington with 100 year plus lease were worth £250,400. The mid-range ground rent payable was £65 billed every twelve months. The lease ran out in 2090. Given that there were 64 years remaining we calculated the premium to the freeholder to extend the lease to be within £19,000 and £22,000 not including professional charges.