Why you should start your 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 wasting asset as the leaseholder merely owns the property for a period of years.

An extended lease is almost the same value as a freehold

Leasehold properties in Wennington with over one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lenders will not loan monies with a short lease

Most high street banks are making their criteria more stringent and many now want flats to have at least sixty if not seventy years remaining once the mortgage has expired. Considering many flats in Wennington were built in the fifties, sixties and seventies this means many now require lease extensions if they wish to obtain a mortgage.

What makes us experts in Wennington lease extensions?

Regardless of whether you are a tenant or a freeholder in Wennington,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Wennington valuers.

Wennington Lease Extension Case Summaries:

Ali, Wennington, London,

Ali was the the leasehold owner of a 2 bedroom flat in Wennington being marketed with a lease of a little over fifty eight years left. Ali on an informal basis contacted his freeholder a well known local-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Ali to invoke his statutory right. Ali procured expert legal guidance and secured an acceptable deal without going to tribunal and sell the property.

Wennington case:

In 2012 we were approached by Mr and Mrs. D Bernard who, having moved into a purpose-built apartment in Wennington in June 2005. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by 90 years. Similar properties in Wennington with an extended lease were valued about £235,600. The mid-range ground rent payable was £60 collected annually. The lease termination date was on 5 February 2088. Considering the 62 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £21,900 and £25,200 not including costs.