Welling Lease Extension - Free Consultation

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Top reasons for Welling lease extension


Main reasons to start your Welling lease extension today:

Increase your lease and increase your Welling property value

Welling leases on domestic properties are gradually losing value. if your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. An important point to note is that it is desirable for your lease extension to be in place before the term of the current lease dips below eighty years - otherwise a higher amount will be due. Flat owners in Welling will mostly qualify for a lease extension; however a solicitor will confirm your eligibility. In some situations you may not be entitled. There are also strict timetables and formalities to follow once the process is initiated so it’s prudent to be guided by a conveyancer during the process.

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

Leasehold residencies in Welling with more than one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.

Banks and Building Societies may not finance a property with a short lease

Mortgage lenders have set criteria when loaning monies secured on leasehold property. Many will simply refuse lend at all once an unexpired lease term slips under a specified unexpired lease term. Many Banks and Building Societies will not consider property with a remaining term of less than seventy years suitable security. As well as impacting your ability to sell, it is also relevant if you are wanting to remortgage your Welling property.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
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
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Welling lease extensions?

Irrespective of whether you are a tenant or a freeholder in Welling,the lease extension solicitors that we work with will always be prepared 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:

Lydia, Welling, South East London,

Off the back of unsuccessful discussions with the landlord of her garden apartment in Welling, Lydia started the lease extension process just as the lease was nearing the critical eighty-year deadline. The legal work was concluded in March 2006. The freeholder’s fees were kept to an absolute minimum.

Welling case:

In 2012 we were approached by Dr Georgina Bell who, having was assigned a lease of a one bedroom flat in Welling in June 1995. The question was if we could approximate the premium would be to extend the lease by ninety years. Identical flats in Welling with 100 year plus lease were valued about £285,000. The mid-range ground rent payable was £55 collected quarterly. The lease ended on 1 April 2104. Having 80 years left we estimated the premium to the landlord to extend the lease to be within £12,400 and £14,200 not including fees.

Decision in Greenwich

An example of a Lease Extension decision for a Welling property is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case affected 1 flat.