Main reasons to start your Wembley Park lease extension
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Main reasons to commence your Wembley Park lease extension today:
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/wembley-park">Wembley Park</a> property value </h4>
<p> The value of Wembley Park leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate substantially once the unexpired lease term is less than 80 years
<h4>Wembley Park property with a lease extension is almost the same value as a freehold</h4>
<p> It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
<h4>Lending institutions may not lend on a short lease</h4> The definition of a short lease varies by mortgage company, yet lending institutions start to get concerned at around 75 years. This may cause difficulties once you wish to sell or remortgage your property as it will be effectively unmortgageable. You might have no imminent intention to sell but when you do your buyer will need to wait two years before being able to exercise the right to a an extension to the lease.
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<tr><th>Lender</th>
<th> Requirement
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<td>Barnsley Building Society</td>
<td> 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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<td>Halifax</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Santander</td>
<td> You must report the unexpired lease term to us and await our instructions if: <br />1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or<br />2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or<br />3. no valuation report is provided<br />However, we will not accept a lease where on expiry of the mortgage:<br />(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or<br />(ii) less than 30 years remain and the loan is repaid on a capital and interest basis<br /><br />We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
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<td>Royal Bank of Scotland</td>
<td> Mortgage term plus 30 years.
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<td>Virgin</td>
<td> 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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Why use us for your lease extension in Wembley Park? </h4>
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Lease extensions in Wembley Park can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor with experience in this area.
<p>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 in-depth market knowledge 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.
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Wembley Park Lease Extension Case Studies:
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<h5> Jackson, Wembley Park, North London,</h5>
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Jackson was the the leasehold owner of a conversion apartment in Wembley Park on the market with a lease of fraction over fifty eight years left. Jackson informally contacted his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Jackson to exercise his statutory right. Jackson procured expert advice and was able to make a more informed decision and handle with the matter and readily saleable.
<h5>Wembley Park case:</h5>
<p> Mr and Mrs. H Morgan took over the lease of a ground floor flat in Wembley Park in April 2007. The question was if we could shed any light on how much (roughly) price would likely be for a 90 year lease extension. Comparative flats in Wembley Park with 100 year plus lease were worth £233,200. The average amount of ground rent was £60 collected quarterly. The lease ran out in 2087. Taking into account 61 years left we calculated the premium to the landlord to extend the lease to be between £22,800 and £26,400 plus expenses.
<div> <h5>Decision in Brent</h5>
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An example of a Lease Extension decision for a Wembley Park property is
Ground Floor Flat 69 Clifton Avenue in March 2012. the Tribunal determined that the premium payable for the new lease was £5,932
This case was in relation to 1 flat. The unexpired term was 76.06 years.
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