Main reasons to start your Wembley lease extension

Top reasons for lease extension now:

A Wembley lease depreciates with the years remaining on the lease.

The value of Wembley leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate substantially once the remaining term is below than eighty years

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

It is generally considered that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies may not lend with a short lease

Lenders are inclined not grant a mortgage on short residential leases. You are likely to experience difficulties if you need to sell your flat in Wembley if the unexpired term of your lease is below the criteria set by the majority of mortgage companies. Different lenders have varying criteria but on the whole theyrequire an unexpired term of at least 65 years.

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

Irrespective of whether you are a tenant or a landlord in Wembley,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Wembley valuers.

Wembley Lease Extension Example Cases:

Thomas, Wembley, North West London

Two years ago Thomas, started to get near to the 80-year threshold with the lease on his first floor flat in Wembley. Having purchased his flat 18 years previously, the unexpired term was of no concern. Fortunately, he recognised he needed to take steps soon on Extending the lease. Thomas was able to extend his lease at the eleventh hour in April. Thomas and the landlord ultimately settled on sum of £5,000 . If the lease had slid lower than 80 years, the price would have escalated by a minimum £925.

Wembley case:

Mr and Mrs. H Robinson bought a studio flat in Wembley in June 1996. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by an additional years. Similar properties in Wembley with an extended lease were valued about £174,200. The average ground rent payable was £55 billed every twelve months. The lease expired in 2076. Considering the 51 years outstanding we approximated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 exclusive of expenses.