Wennington Lease Extension - Free Consultation

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Top reasons for Wennington lease extension

Top reasons for lease extension now:

Increase your lease and increase your Wennington property value

Wennington residential property held on a long lease is a depreciating asset because a leaseholder merely owns the property for a set term.

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not finance a property on a short lease

Many banks and building societies require a lengthy amount of time remaining on a leasehold residence before they will consider it as adequate security. Regardless of whether you need a mortgage, you should be conscious that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so where they can't secure a mortgage, then the market price of your property will likely be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are willing to lend on

Lender Requirement
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Leeds Building Society 85 years remaing from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Santander You must report the unexpired lease term to us and await our instructions if:
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
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

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.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary

Why use us for your lease extension in Wennington?

The lawyers that we work with undertake Wennington lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Wennington Lease Extension Example Cases:

Maisie, Wennington, London,

Off the back of lengthy correspondence with the landlord of her basement flat in Wennington, Maisie initiated the lease extension process just as the lease was approaching the critical 80-year threshold. The legal work was finalised in September 2014. The landlord’s fees were restricted to approximately 700 GBP.

Wennington case:

In 2012 we were e-mailed by Dr Stanley Johnson who, having completed a studio apartment in Wennington in January 2012. The question was if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Identical premises in Wennington with a long lease were in the region of £171,800. The average amount of ground rent was £55 collected annually. The lease ran out on 20 February 2073. Considering the 50 years remaining we calculated the compensation to the freeholder to extend the lease to be between £33,300 and £38,400 exclusive of expenses.

Decision in Bexley

An example of a Lease Extension matter before the tribunal for a Wennington property is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case affected 13 flats. The unexpired lease term was 76 years.