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.

As the the remaining lease term of a Welling residential lease decreases so does its value and therefore the value of your property. Where the residual term has, over one hundred years remaining then this decrease may be of little impact however there will become a stage when a lease has less than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should consider extending sooner as opposed to later. The majority of flat owners in Welling will qualify for this right; however a conveyancing solicitor should be able to advise if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.

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

It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lending institutions may decide not to grant a mortgage with a short lease

Lenders do not like short residential leases. You are likely to encounter difficulties where you need to sell your flat in Welling if the remaining lease term is below the criteria set by the majority of mortgage companies. Different lenders have varying requirements but generally they are looking for an unexpired term of at least 65 years.

What makes us experts in Welling lease extensions?

The lawyers that we work with undertake Welling lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Welling Lease Extension Example Cases:

Daniel, Welling, South East London,

Daniel was the the leasehold owner of a high value flat in Welling being marketed with a lease of a few days over fifty eight years outstanding. Daniel informally spoke with his landlord a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Daniel to exercise his statutory right. Daniel procured expert advice and secured satisfactory deal without resorting to tribunal and sell the flat.

Welling case:

Dr Caleb Evans moved into a first floor apartment in Welling in April 2001. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Identical residencies in Welling with a long lease were valued about £250,000. The mid-range amount of ground rent was £50 billed yearly. The lease lapsed in 2094. Given that there were 68 years left we estimated the premium to the landlord for the lease extension to be between £10,500 and £12,000 not including legals.