When it comes to domestic leasehold premises in Wembley Central, you effectively rent it for a certain amount of time. In recent years flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly especially when there are fewer than 80 years left. Anyone in Wembley Central with a lease approaching 81 years remaining should seriously think of extending it sooner rather than later. When a lease has less than eighty years remaining, under the relevant legislation the landlord can calculate and charge a larger amount, based on a technical computation, strangely termed as “marriage value” which is payable.
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Coventry Building Society | |
| Santander | |
| Royal Bank of Scotland |
Retaining our service gives you enhanced control over the value of your Wembley Central leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Aiden owned a high value flat in Wembley Central on the market with a lease of a little over 59 years outstanding. Aiden informally spoke with his freeholder a well known local-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Aiden to invoke his statutory right. Aiden procured expert legal guidance and was able to make a more informed decision and handle with the matter and readily saleable.
Mr Isaac Dupont owned a one bedroom flat in Wembley Central in February 2006. We are asked if we could approximate the price would be to prolong the lease by 90 years. Comparative homes in Wembley Central with an extended lease were worth £285,000. The average amount of ground rent was £55 billed quarterly. The lease terminated on 20 February 2106. Having 80 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 not including fees.
An example of a Lease Extension matter before the tribunal for a Wembley Central property 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 affected 1 flat. The unexpired term was 74 years.