Top reasons for Welling lease extension

Main reasons to start your Welling lease extension today:

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

The re-sale value of a leasehold property in Welling depends on how many years the lease has remaining. If it is close to or fewer than 80 years you should expect problems on re-sale, so it is advisable to arrange for the lease to be extended prior to buying. It is preferable to start the process of extending the lease is when a lease still has 82 years unexpired so that all matters can be finalised ahead of the 80 year threshold. Statute entitles Welling qualifying lessees to acquire a new lease which will be for the current unexpired lease term plus a further term of 90 years. The intention of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the purchase of the lease extension.

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 value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.

Mortgage lenders may not finance a property on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to become jittery at around 75 years. This will cause difficulties as and when you wish to market or refinance your property as it will be practically unmortgageable. You may have no imminent plan to sell but when you do your purchaser must wait 2 years before they can exercise the right to a a lease extension.

What makes us experts in Welling lease extensions?

Using our service gives you better control over the value of your Welling leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Welling Lease Extension Case Summaries:

Daisy, Welling, South East London,

After lengthy correspondence with the freeholder of her basement flat in Welling, Daisy started the lease extension process as the 80 year mark was swiftly coming. The transaction was finalised in May 2014. The landlord’s fees were kept to an absolute minimum.

Welling case:

Last month we were e-mailed by Mrs Francesca Hernández , who bought a studio apartment in Welling in September 1996. We are asked if we could estimate the price would be for a ninety year lease extension. Comparative premises in Welling with an extended lease were worth £275,000. The average amount of ground rent was £55 collected per annum. The lease concluded on 16 June 2100. Taking into account 76 years left we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus fees.