Top reasons for Wallington lease extension

Top reasons for lease extension now:

A Wallington lease depreciates with the years remaining on the lease.

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Wallington can extend the lease for an additional 90 years under legislation. Please think carefully before delaying your Wallington lease extension. Putting off that expense today simply increases the premium you will eventually have to pay for a lease extension.

Wallington property with a lease extension is almost the same value as a freehold

It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lenders will not loan monies on a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to become nervous at around 75 years. This will be problematic when you wish to sell or remortgage your property as it will be practically unmortgageable. Even though you may not have an immediate intention to sell but when you do your buyer will need to hold off for 2 years before being able to initiate the legal procedures for an extension to the lease.

Why use us for your lease extension in Wallington?

Engaging our service gives you increased control over the value of your Wallington leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Wallington Lease Extension Case Summaries:

Georgia, Wallington, Surrey,

In the wake of 6 months of protracted discussions with the landlord of her studio apartment in Wallington, Georgia commenced the lease extension process as the eighty year threshold was swiftly nearing. The legal work was concluded in June 2014. The landlord’s charges were restricted to slightly above 650 pounds.

Wallington case:

Last Summer we were contacted by Mr and Mrs. W Adams , who owned a ground floor flat in Wallington in April 2010. The dilemma was if we could approximate the price would be to extend the lease by 90 years. Identical residencies in Wallington with a long lease were worth £201,200. The average ground rent payable was £55 collected yearly. The lease came to a finish on 21 April 2082. Taking into account 56 years left we approximated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 not including legals.