Stop! Your Lease Extension in Wandsworth Could Be FREE

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Many leaseholders in Wandsworth are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Wandsworth has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

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.

On the balance of probabilities where you own a flat in Wandsworth you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold residencies in Wandsworth with more than one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions will not loan monies with a short lease

Mortgage companies do not lend on short residential leases. You are likely to encounter difficulties where you need to sell your flat in Wandsworth if the remaining term of your lease is below the criteria set by most banks and building societies. Different mortgage companies have different requirements but generally they are looking for a minimum remaining lease term of seventy years.

Lender Requirement
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

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:

Archie, Wandsworth, South West London

In 2014 Archie, started to get close to the 80-year mark with the lease on his first floor flat in Wandsworth. In buying his property two decades ago, the length of the lease was of no concern. by good luck, it dawned on him that he would soon be paying an escalated premium for Extending the lease. Archie extended the lease at the eleventh hour last March. Archie and the landlord subsequently agreed on sum of £5,500 . If he had missed the deadline, the figure would have escalated by at least £1,125.

Wandsworth case:

Mrs R Allen took over the lease of a one bedroom flat in Wandsworth in January 2000. The question was if we could estimate the compensation to the landlord would be to prolong the lease by a further 90 years. Similar premises in Wandsworth with a long lease were in the region of £227,800. The mid-range ground rent payable was £45 collected monthly. The lease came to a finish in 2091. Given that there were 65 years outstanding we approximated the premium to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of professional charges.

Decision in Wandsworth

An example of a Freehold Enfranchisement case for a Wandsworth residence is 4 Galveston Road in August 2012. The Tribunal determined that the price payable in respect of the purchase of the freehold was £22,650. The Tribunal remited this matter back to the Wandsworth County Court for execution of the freehold Transfer Deed. This case related to 2 flats.