Main reasons to start your Washington lease extension

Main reasons to commence your Washington lease extension today:

Increase your lease and increase your Washington property value

Unfortunately that a Washington residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the early years due to the loss of value being disguised by increases in the Washington property prices.Once your lease nears 85ish years, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls under eighty years - otherwise a higher premium will be due. The majority of leasehold owners in Washington will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm whether you qualify for an extension. In some cases you may not qualify. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer for the duration of the process.

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

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not finance a property on a short lease

Almost all mortgage companies require a lengthy amount of time left on a leasehold residence before they will consider providing a mortgage on it. Regardless of whether you need a mortgage, you should keep in mind that it is likely that someone wanting to purchase your property in the future might well do, so where they can't secure a mortgage, then the market price of the property will likely suffer. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Washington lease extensions?

Lease extensions in Washington can be a difficult process. We recommend you get guidance from a conveyancer and surveyor with experience in this area.

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 in-depth market knowledge dealing with Washington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Washington Lease Extension Example Cases:

Gabriel, Washington, Tyne And Wear,

Gabriel was the the leasehold owner of a studio flat in Washington on the market with a lease of a little over fifty eight years outstanding. Gabriel on an informal basis contacted his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Gabriel to invoke his statutory right. Gabriel obtained expert legal guidance and secured an acceptable deal without resorting to tribunal and readily saleable.

Washington case:

In 2014 we were phoned by Dr O Wilson who, having bought a first floor apartment in Washington in January 1998. The question was if we could approximate the price would likely be for a ninety year lease extension. Identical properties in Washington with 100 year plus lease were valued about £260,200. The mid-range ground rent payable was £65 collected per annum. The lease ran out in 2092. Given that there were 66 years remaining we approximated the premium to the freeholder to extend the lease to be within £15,200 and £17,600 plus fees.

Washington case:

Last Summer we were phoned by Mr O Gray , who was assigned a lease of a first floor apartment in Washington in October 2011. We are asked if we could shed any light on how much (approximately) premium would likely be to prolong the lease by a further 90 years. Similar flats in Washington with a long lease were worth £198,800. The mid-range amount of ground rent was £55 billed per annum. The lease elapsed on 22 February 2081. Having 55 years outstanding we approximated the compensation to the landlord for the lease extension to be between £33,300 and £38,400 not including professional charges.