Top reasons for Weybridge lease extension

Top reasons for lease extension now:

Increase your lease and increase your Weybridge property value

The market value of Weybridge leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate materialy once the unexpired lease term is less than 80 years

An extended lease is almost the same value as a freehold

Leasehold properties in Weybridge with in excess of 100 years left on the lease are sometimes 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 buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lending institutions will not grant a mortgage with a short lease

The propensity since over the last decade has been for lenders to tighten lending criteria across the board - this has extended to the property over which the home loan is to be charged. This has resulted in the unexpired lease term required by banks has increased. Historically banks were content with 25 years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for lengthy leases - many use a minimum term of 75 years as a prerequisite.

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

Lease extensions in Weybridge can be a difficult process. We recommend you get professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

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 a wealth of experience dealing with Weybridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Weybridge Lease Extension Example Cases:

Ryan, Weybridge, Surrey

Half a year ago Ryan, came perilously close to the 80-year mark with the lease on his first floor apartment in Weybridge. In buying his property twenty years ago, the lease term was of minimal significance. Luckily, he became aware that he would soon be paying way over the odds for Extending the lease. Ryan extended the lease just under the wire in September. Ryan and the freeholder subsequently settled on the final figure of £5,000 . If the lease had fallen lower than 80 years, the premium would have increased by at least £1,025.

Weybridge case:

In 2014 we were called by Mr B Rose who, having moved into a studio apartment in Weybridge in May 2002. We are asked if we could estimate the premium would be to prolong the lease by an additional years. Identical premises in Weybridge with 100 year plus lease were worth £255,000. The average ground rent payable was £50 invoiced per annum. The lease lapsed on 14 July 2097. Given that there were 71 years outstanding we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus expenses.