Main reasons to commence your Welling lease extension

Top reasons for lease extension now:

Increase your lease and increase your Welling property value

The re-sale value of a leasehold property in Welling depends on how many years the lease has left to run. If it is near to or less than eighty years you should foresee difficulties on re-sale, so it is advisable to arrange for the lease to be extended ahead of purchasing. It is preferable to commence the lease extension process when a lease still has 82 years to run so that all matters can be finalised in advance of the eighty year mark. Statute entitles Welling qualifying lessees to acquire a new lease which will be for the balance of the existing lease plus an additional term of 90 years. The purpose of the valuation is to determine the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the premises will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not loan monies on a short lease

Why use us for your lease extension in Welling?

Retaining our service will provide you enhanced control over the value of your Welling leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The lawyers 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:

Blake, Welling, South East London

During the course of the last few months Blake, came very near to the 80-year threshold with the lease on his one bedroom apartment in Welling. Having purchased his home twenty years previously, the length of the lease was of no concern. Fortunately, he noticed he would soon be paying an escalated premium for Extending the lease. Blake was able to extend his lease at the eleventh hour in March. Blake and the landlord who owned the flat above in the end settled on the final figure of £6,000 . If he not met the deadline, the premium would have escalated by a minimum £900.

Welling case:

Last year we were e-mailed by Mr and Mrs. A Khan , who owned a basement apartment in Welling in November 2005. The question was if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Similar flats in Welling with a long lease were in the region of £275,000. The average amount of ground rent was £55 billed annually. The lease expired on 21 November 2102. Considering the 76 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of legals.