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Why you should commence your Wapping lease extension

Top reasons for lease extension now:

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

Wapping residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a period of years.

Wapping property with a lease extension has roughly the same value as a freehold

Leasehold properties in Wapping with in excess of one hundred years left 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 circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.

Mortgage lenders will not lend on a short lease

Banks and building societies differ in their lending requirements. Some draw the line at seventy five years left on the lease; others may be willing to lend with anything over seventy years. With less than sixty years, it may be impossible to get a mortgage at all.

Lender Requirement
Accord Mortgages 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.
Chelsea 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.
Leeds Building Society 85 years remaining from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary

What makes us experts in Wapping lease extensions?

The lawyers that we work with procure Wapping lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Wapping Lease Extension Case Studies:

Nicole, Wapping, London,

Trailing lengthy correspondence with the landlord of her basement apartment in Wapping, Nicole commenced the lease extension process as the 80 year deadline was swiftly nearing. The lease extension was finalised in October 2015. The freeholder’s fees were kept to an absolute minimum.

Wapping case:

Last Christmas we were e-mailed by Mr and Mrs. Y Young , who acquired a studio flat in Wapping in March 2000. The question was if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by ninety years. Comparative properties in Wapping with an extended lease were in the region of £183,600. The mid-range amount of ground rent was £65 billed every twelve months. The lease termination date was on 9 April 2082. Taking into account 57 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 plus legals.

Decision in Tower Hamlets

An example of a Freehold Enfranchisement case for a Wapping flat is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case was in relation to 41 flats. The unexpired lease term was 107 years.