Main reasons to commence your Welling lease extension

Main reasons to start your Welling lease extension today:

A Welling leasehold property depreciates with the years remaining on the lease.

It’s a harsh truth that a Welling residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the first few years due to the deflation being disguised by increases in the Welling property market.Once your lease nears 85ish years, you should start considering a lease extension. If lease term dips under eighty years, you will end up paying 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most flat owners in Welling will be able to extend under the legislation; however a conveyancing solicitor will be able to clarify if you are eligibility. In some cases you may not qualify. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor for the duration of the formalities.

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

Leasehold residencies in Welling with in excess of 100 years unexpired 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 to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions may decide not to loan monies on a short lease

Most banks have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly under 75 years as they are deemed to be insufficient for lending purposes.

Why use us for your lease extension in Welling?

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

Welling Lease Extension Case Studies:

Kirsty, Welling, South East London,

After lengthy correspondence with the landlord of her garden apartment in Welling, Kirsty commenced the lease extension process just as the lease was nearing the critical eighty-year deadline. The lease extension completed in October 2012. The landlord’s fees were negotiated to under 450 GBP.

Welling case:

Dr Y Richardson bought a recently refurbished apartment in Welling in November 2000. We are asked if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Similar premises in Welling with a long lease were valued around £270,000. The mid-range amount of ground rent was £55 collected yearly. The lease lapsed on 5 July 2099. Taking into account 74 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus fees.