Top reasons for Wallington lease extension

Main reasons to start your Wallington lease extension today:

Increase your lease and increase your Wallington property value

As the length of the unexpired term of a Wallington domestic lease lessens so does its value and therefore the value of your property. If the residual term has, more than 99 years remaining then this decrease may be fractional that being said there will become a point in time when a lease has less than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main reason why you should consider extending without delay. Many flat owners in Wallington will qualify for this right; that being said a lawyer will be able to advise whether you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Mortgage lenders may not grant a mortgage with a short lease

The trend since over the last decade has been for mortgage companies to tighten lending requirements generally - this has extended to the types of security over which the mortgage is to be charged. This has meant the unexpired lease term required by banks has increased. Historically banks were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

What makes us experts in Wallington lease extensions?

Using our service will provide you enhanced control over the value of your Wallington leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Wallington Lease Extension Example Cases:

Milo, Wallington, Surrey,

Milo was the the leasehold owner of a conversion apartment in Wallington on the market with a lease of a few days over 61 years remaining. Milo informally approached his freeholder a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £100 annually. Ordinarily, ground rent would not be due on a lease extension were Milo to invoke his statutory right. Milo procured expert advice and was able to make a more informed decision and handle with the matter and sell the flat.

Wallington case:

In 2011 we were phoned by Mr and Mrs. C Watson who, having completed a purpose-built apartment in Wallington in June 2003. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Identical homes in Wallington with an extended lease were valued about £225,800. The mid-range amount of ground rent was £60 invoiced monthly. The lease terminated on 25 May 2086. Having 60 years unexpired we calculated the premium to the freeholder for the lease extension to be within £23,800 and £27,400 plus legals.