Main reasons to start your Welling lease extension

Main reasons to start your Welling lease extension today:

Increase your lease and increase your Welling property value

With a long leasehold premises in Welling, you effectively rent it for a certain amount of time. These days flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may think about extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive particularly when there are less than eighty years left. Anyone in Welling with a lease approaching 81 years unexpired should seriously think of extending it without delay. Once a lease has below 80 years left, under the current statute the freeholder can calculate and levy a greater premium, based on a technical computation, known as “marriage value” which is payable.

Welling property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders may not loan monies with a short lease

Nearly all banks and building societies insist on a lengthy amount of time left on a leasehold property before they will consider it as adequate security. Even if you don't require a mortgage, you should be mindful that it is probable that someone wanting to buy your property in the future might well do, so if they are not able to secure a mortgage, then the financial worth of the property will likely suffer. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to lend on

What makes us experts in Welling lease extensions?

Lease extensions in Welling can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Welling lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Welling Lease Extension Example Cases:

Poppy, Welling, South East London,

Off the back of lengthy discussions with the landlord of her first floor flat in Welling, Poppy started the lease extension process as the eighty year deadline was swiftly nearing. The legal work completed in March 2009. The freeholder’s costs were negotiated to a tad over 700 GBP.

Welling case:

Last Autumn we were contacted by Mr and Mrs. W Norbert , who purchased a studio apartment in Welling in September 1996. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by ninety years. Similar properties in Welling with an extended lease were valued around £215,600. The average amount of ground rent was £45 invoiced annually. The lease concluded on 2 February 2088. Considering the 62 years outstanding we approximated the premium to the freeholder for the lease extension to be between £18,100 and £20,800 exclusive of costs.