Why you should commence your Wandsworth lease extension

Why you should commence your Wandsworth lease extension today:

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

The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Wandsworth may extend the lease for an additional ninety years in accordance with Leasehold Reform legislation. Please give careful consideration before delaying your Wandsworth lease extension. Postponing that expense now simply escalates the premium you will eventually have to pay for a lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not lend on a short lease

Lenders do not like short residential leases. You most probably encounter difficulties where you need to sell your flat in Wandsworth if the unexpired lease term is below the criteria set by the majority of mortgage companies. Different mortgage companies have different requirements but on the whole theyrequire an unexpired term of at least 65 years.

What makes us experts in Wandsworth lease extensions?

Irrespective of whether you are a tenant or a landlord in Wandsworth,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Wandsworth valuers.

Wandsworth Lease Extension Case Summaries:

Benjamin, Wandsworth, South West London,

Benjamin owned a studio apartment in Wandsworth on the market with a lease of a few days over fifty eight years left. Benjamin on an informal basis approached his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £200 per annum. Ordinarily, ground rent would not be payable on a lease extension were Benjamin to exercise his statutory right. Benjamin procured expert advice and was able to make a more informed judgement and handle with the matter and readily saleable.

Wandsworth case:

Dr Jayden Smith was assigned a lease of a one bedroom apartment in Wandsworth in January 2008. The question was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Comparable homes in Wandsworth with a long lease were in the region of £256,600. The average amount of ground rent was £60 invoiced quarterly. The lease terminated in 2078. Given that there were 52 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £39,000 and £45,000 not including professional charges.