Main reasons to commence your Wembley Central lease extension

Top reasons for lease extension now:

Increase your lease and increase your Wembley Central property value

The only way is down when it comes to Wembley Central lease terms. Wembley Central properties that have a remaining term fewer than eighty years will drop in value at a rapid rate, and the cost of extending your lease will go up.

An extended lease has roughly the same value as a freehold

Leasehold properties in Wembley Central with in excess of one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies may decide not to lend with a short lease

Mortgage companies will not lend on short residential leases. You are likely to encounter difficulties where you want to sell your flat in Wembley Central if the remaining term of your lease is below the criteria set by most mortgage companies. Different lenders have varying criteria but on the whole theyrequire a minimum remaining lease term of 65 years.

What makes us experts in Wembley Central lease extensions?

Using our service will provide you better control over the value of your Wembley Central leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Wembley Central Lease Extension Case Studies:

Anna, Wembley Central, North West London,

Off the back of unsuccessful discussions with the freeholder of her one bedroom flat in Wembley Central, Anna initiated the lease extension process as the 80 year mark was fast approaching. The lease extension was finalised in July 2009. The freeholder’s charges were restricted to less than 650 GBP.

Wembley Central case:

Ms M Collins acquired a studio flat in Wembley Central in August 2012. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Similar flats in Wembley Central with a long lease were worth £183,600. The average amount of ground rent was £65 invoiced quarterly. The lease ran out on 19 March 2083. Taking into account 57 years outstanding we approximated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 exclusive of costs.