Top reasons for Wembley Park lease extension

Main reasons to start your Wembley Park lease extension today:

Increase your lease and increase your Wembley Park property value

There is no doubt about it a leasehold flat or house in Wembley Park is a wasting asset as a result of the diminishing lease term. If the residual term has, over 125 years remaining then this decrease may be of little impact that being said there will become a point in time when a lease has under than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should consider extending without delay. The majority of flat owners in Wembley Park will meet the qualifying criteria; nevertheless a conveyancing solicitor can advise if you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

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

Leasehold properties in Wembley Park with more than 100 years remaining 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 home. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.

Lenders may decide not to finance a property with a short lease

Most banks and building societies will be unwilling to lend on a lease with less than seventy years unexpired - although this varies from lender to lender. A purchaser will undoubtedly find it difficult in obtaining a mortgage and this will result in your Wembley Park property being difficult to sell or to obtain finance on.

Get in touch with one of our Wembley Park lease extension solicitors or enfranchisement solicitors

Lease extensions in Wembley Park can be a difficult process. We recommend you secure professional help 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 in-depth market knowledge procuring 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:

Muhammad, Wembley Park, North London

18 months ago Muhammad, started to get close to the 80-year mark with the lease on his leasehold apartment in Wembley Park. Having bought his property 19 years previously, the length of the lease was of no interest. As luck would have it, it dawned on him that he needed to take action soon on Extending the lease. Muhammad was able to extend his lease just in the nick of time last May. Muhammad and the landlord subsequently agreed on sum of £5,500 . If the lease had dipped to less than 80 years, the amount would have gone up by a minimum £1,025.

Wembley Park case:

Dr K Norbert purchased a first floor apartment in Wembley Park in August 2012. We are asked if we could estimate the premium would be for a 90 year extension to my lease. Comparable premises in Wembley Park with an extended lease were valued about £198,800. The average amount of ground rent was £55 invoiced every twelve months. The lease end date was on 20 April 2081. Having 55 years remaining we estimated the compensation to the freeholder to extend the lease to be between £33,300 and £38,400 plus legals.