Why you should commence your Wandsworth lease extension

Why you should start your Wandsworth lease extension today:

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

The market value of Wandsworth leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase materialy once the remaining term is below than 80 years

An extended lease has roughly the same value as a freehold

Leasehold residencies in Wandsworth with over one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.

Lenders may decide not to issue a mortgage with a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to get nervous at around 75 years. This will be problematic when you wish to market or refinance your property as it will be practically unmortgageable. Even though you might have no immediate plan to sell but when you do your buyer must wait a couple of years before they can exercise the right to a an extension to the lease.

Why use us for your lease extension in Wandsworth?

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

Wandsworth Lease Extension Example Cases:

Elijah, Wandsworth, South West London

Two years ago Elijah, came perilously close to the 80-year mark with the lease on his first floor flat in Wandsworth. Having purchased his property two decades ago, the unexpired term was of little relevance. As luck would have it, he noticed he needed to take steps soon on Extending the lease. Elijah arranged for a lease extension just in the nick of time last August. Elijah and the freeholder eventually agreed on sum of £6,000 . If the lease had fallen below 80 years, the price would have become more costly by a minimum £925.

Wandsworth case:

Last Spring we were phoned by Dr C Hill , who was assigned a lease of a first floor apartment in Wandsworth in October 1997. The question was if we could approximate the price would likely be to prolong the lease by an additional years. Comparable flats in Wandsworth with 100 year plus lease were valued around £285,000. The mid-range amount of ground rent was £55 collected every twelve months. The lease came to a finish in 2105. Having 79 years outstanding we approximated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of professional charges.