Why you should commence your Wandsworth lease extension

Top reasons for lease extension now:

A Wandsworth leasehold property depreciates with the years remaining on the lease.

There is no doubt about it a leasehold flat or house in Wandsworth is a wasting asset as a result of the shortening lease. If the residual term has, over 125 years to run then this decrease may be negligible that being said there will become a stage when a lease has less than 80 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 extend the lease without delay. The majority of flat owners in Wandsworth will meet the qualifying criteria; nevertheless a conveyancing solicitor can advise whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

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

Leasehold properties in Wandsworth with over one hundred years outstanding 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 upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.

Mortgage lenders may not issue a mortgage on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to get jittery at around 75 years. This will be problematic once you wish to dispose of or remortgage your property as it will be effectively unmortgageable. Even though you might not have an imminent intention to sell but when you do your purchaser will have to hold off for a couple of years before they can exercise the right to a an extension to the lease.

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

Lease extensions in Wandsworth can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

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 Wandsworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Wandsworth Lease Extension Case Summaries:

Grace, Wandsworth, South West London,

Subsequent to protracted discussions with the landlord of her first floor apartment in Wandsworth, Grace commenced the lease extension process as the eighty year mark was fast advancing. The legal work completed in February 2010. The landlord’s charges were negotiated to less than six hundred pounds.

Wandsworth case:

Last Christmas we were called by Dr Rhiannon Wilson , who purchased a garden apartment in Wandsworth in September 1995. We are asked if we could estimate the premium could be to extend the lease by 90 years. Similar properties in Wandsworth with 100 year plus lease were valued around £260,000. The average ground rent payable was £50 invoiced yearly. The lease ended in 2098. Having 72 years unexpired we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus professional charges.