Main reasons to commence your Welling lease extension

Why you should commence your Welling lease extension today:

Increase your lease and increase your Welling property value

Owning a flat usually means owning a lease of the property, which has a finite term of years. your lease will normally be granted for a prescribed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Welling. Clearly, the term of lease remaining shortens as time goes by. This may pass by relatively unnoticed when the property has to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to procure a lease extension. Eligible long lease owners in Welling have the right to extend the lease for an additional ninety years in accordance with the 1993 Leasehold Reform Act. Please give due consideration before delaying your Welling lease extension. Holding off the cost now only increases the price you will ultimately have to pay for a lease extension

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not lend on a short lease

Most high street banks are making their criteria more stringent and a meaningful number now expect flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. Considering a number of flats in Welling were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in Welling?

Using our service will provide you increased control over the value of your Welling leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Welling Lease Extension Case Summaries:

Lewis, Welling, South East London,

Lewis was the the leasehold owner of a 2 bedroom apartment in Welling on the market with a lease of fraction over 72 years outstanding. Lewis on an informal basis approached his landlord a well known local-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 per annum. No ground rent would be due on a lease extension were Lewis to exercise his statutory right. Lewis procured expert advice and was able to make an informed judgement and handle with the matter and readily saleable.

Welling case:

In 2009 we were phoned by Mr and Mrs. I Cooper who, having completed a purpose-built apartment in Welling in July 2000. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Comparative homes in Welling with a long lease were in the region of £225,400. The mid-range amount of ground rent was £45 collected per annum. The lease finished on 1 May 2090. Given that there were 64 years as a residual term we approximated the premium to the landlord for the lease extension to be between £15,200 and £17,600 plus professional charges.