Why you should commence your West Wickham lease extension

Main reasons to start your West Wickham lease extension today:

Increase your lease and increase your West Wickham property value

As the length of the unexpired term of a West Wickham domestic lease lessens so does its value and therefore the value of your property. Where the residual term has, over 125 years remaining then this decrease may be fractional that being said there will become a stage when a lease has less than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should consider extending without delay. Many flat owners in West Wickham will meet the qualifying criteria; that being said a conveyancer should be able to confirm 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.

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

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders may not finance a property with a short lease

Lenders do not like short residential leases. You are likely to encounter problems if you need to sell your flat in West Wickham if the unexpired term of your lease is under the criteria set by most mortgage companies. Different lenders have different requirements but generally theyrequire an unexpired term of at least 65 years.

Why use us for your lease extension in West Wickham?

The lawyers that we work with undertake West Wickham 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.

West Wickham Lease Extension Example Cases:

Jamie, West Wickham, South East London

Last Winter Jamie, started to get near to the 80-year mark with the lease on his garden apartment in West Wickham. In buying his property two decades ago, the length of the lease was of little importance. Fortunately, he realised he would imminently be paying an escalated premium for a lease extension. Jamie extended the lease just in the nick of time last August. Jamie and the freeholder subsequently settled on a premium of £5,500 . If he failed to meet the deadline, the amount would have increased by at least £1,075.

West Wickham case:

Last Autumn we were approach by Mr and Mrs. S Howard , who moved into a basement flat in West Wickham in January 1996. We are asked if we could estimate the price would likely be for a 90 year lease extension. Comparable premises in West Wickham with an extended lease were worth £206,200. The average amount of ground rent was £60 collected yearly. The lease terminated on 9 May 2082. Considering the 56 years outstanding we approximated the compensation to the landlord for the lease extension to be between £32,300 and £37,400 not including expenses.