Welling Lease Extension - Free Consultation

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Main reasons to start your Welling lease extension

Top reasons for lease extension now:

Increase your lease and increase your Welling property value

Unfortunately that a Welling residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the first few years due to the loss of value being disguised by increases in the Welling property prices.Once your lease gets to 85ish years, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips lower than 80 years - otherwise a higher premium will be due. The majority of leasehold owners in Welling will be able to extend under the legislation; however a conveyancing solicitor will be able to clarify whether you are eligibility. In some cases you may not qualify. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the process.

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

It is generally accepted that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Lenders may decide not to lend with a short lease

Many mortgage companies require a lengthy amount of time remaining on any leasehold property before they will consider it as adequate security. Regardless of whether you require a mortgage, you should bear in mind that it is reasonable to assume that someone wishing to buy your property in the future might well do, so if they are not able to get a mortgage, then the financial worth of the property could be adversely impacted. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are prepared to lend on

Lender Requirement
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaing from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Welling?

Using our service gives 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 want 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 Studies:

Grace, Welling, South East London,

In the wake of 6 months of lengthy discussions with the freeholder of her ground floor apartment in Welling, Grace initiated the lease extension process as the eighty year threshold was quickly advancing. The transaction was finalised in January 2007. The freeholder’s costs were kept to an absolute minimum.

Welling case:

In 2011 we were contacted by Mrs Francesca González who, having was assigned a lease of a first floor apartment in Welling in November 2010. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Comparable flats in Welling with 100 year plus lease were in the region of £255,000. The average amount of ground rent was £50 billed monthly. The lease terminated on 3 February 2094. Considering the 71 years unexpired we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of fees.

Decision in Greenwich

An example of a Lease Extension case for a Welling flat 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.