Why you should start your Wembley Park lease extension

Main reasons to start your Wembley Park lease extension today:

Increase your lease and increase your Wembley Park property value

When it comes to domestic leasehold property in Wembley Park, you are actually buying an entitlement to reside in a property for a prescribed time frame. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long 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 becomes disproportionately more expensive notably once there are fewer than 80 years left. Leasehold owners in Wembley Park with a lease approaching 81 years unexpired should seriously think of extending it as soon as possible. Once the lease term has under eighty years left, under the relevant Act the freeholder is entitled to calculate and levy a greater premium, assessed on a technical multiplication, strangely termed as “marriage value” which is payable.

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

It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lending institutions may not lend with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to become concerned at around 75 years. This will cause difficulties once you wish to dispose of or remortgage your property as it will be effectively unmortgageable. Even though you may not have an imminent plan to sell but when you do your purchaser must hold off for two years before being able to exercise the right to a an extension to the lease.

Why use us for your lease extension in Wembley Park?

Lease extensions in Wembley Park can be a difficult process. We recommend you get professional help from a lawyer and valuer with experience in lease extensions.

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 dealing with Wembley Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Wembley Park Lease Extension Example Cases:

Jodie, Wembley Park, North London,

Off the back of unsuccessful correspondence with the landlord of her purpose-built apartment in Wembley Park, Jodie started the lease extension process just as her lease was coming close to the critical eighty-year mark. The lease extension completed in July 2012. The landlord’s charges were kept to an absolute minimum.

Wembley Park case:

In 2013 we were called by Mr and Mrs. C Norbert who, having bought a first floor apartment in Wembley Park in July 2003. We are asked if we could shed any light on how much (approximately) premium could be to extend the lease by an additional years. Comparative residencies in Wembley Park with a long lease were valued about £295,000. The average ground rent payable was £45 invoiced monthly. The lease finished on 5 June 2100. Given that there were 74 years outstanding we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus professional charges.