Owning a apartment usually means owning a lease of the property, which has a set term of years. The lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Wembley Central. Inevitably, the term of lease left shortens over time. This is often ignored and only raises itself as an issue when the flat or house needs to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Qualifying leaseholders in Wembley Central have the legal entitlement to extend the lease for a further 90 years in accordance with Leasehold Reform legislation. You should give due consideration before delaying your Wembley Central lease extension. Putting off the cost now only increases the price you will eventually incur for a lease extension
Leasehold properties in Wembley Central with over 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Chelsea 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. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Wembley Central can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor with experience in this area.
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 a wealth of experience procuring Wembley Central lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Reuben, started to get near to the 80-year mark with the lease on his first floor apartment in Wembley Central. Having bought his home 18 years previously, the lease term was of minimal bearing. Luckily, he noticed he needed to take steps soon on Extending the lease. Reuben extended the lease at the eleventh hour last July. Reuben and the landlord who owned the flat above subsequently settled on the final figure of £6,000 . If the lease had dipped below 80 years, the amount would have increased by a minimum £1,025.
Dr Seth Taylor took over the lease of a garden flat in Wembley Central in June 2002. The dilemma was if we could estimate the price could be for a ninety year extension to my lease. Comparable homes in Wembley Central with an extended lease were valued around £168,800. The average amount of ground rent was £60 billed annually. The lease expired on 21 March 2080. Considering the 55 years outstanding we approximated the premium to the landlord for the lease extension to be between £31,400 and £36,200 exclusive of professional charges.
An example of a Lease Extension matter before the tribunal for a Wembley Central residence is Ground Floor Flat 79 London Road in September 2012. the Tribunal held that the premium payable for the lease extension should be £7,636 This case related to 1 flat. The unexpired residue of the current lease was 74 years.