Top reasons for Weybridge lease extension

Top reasons for lease extension now:

A Weybridge leasehold property depreciates with the years remaining on the lease.

Unfortunately that a Weybridge residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Weybridge property market.Where your lease has approximately ninety years left, you need to start thinking about a lease extension. If lease term falls under eighty years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property The majority of flat owners in Weybridge will be able to extend under the legislation; however a conveyancer will be able to confirm whether you are eligibility. In some cases you may not qualify. There are also strict timetables and procedures to follow once the process is initiated and you will need to be guided by your conveyancing solicitor throughout the formalities.

An extended lease has roughly the same value as a freehold

Leasehold properties in Weybridge with in excess of 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Mortgage lenders may decide not to grant a mortgage with a short lease

Most banks and building societies insist on a lengthy amount of time remaining on a leasehold residence before they will consider it as adequate security. Even if you don't need a mortgage, you should bear in mind that it is likely that someone wishing to acquire your property in the future might well do, so in the event that they are unable to obtain a mortgage, then the value of the property will likely suffer. In the last decade most banks and building societies have increased the required minimum lease length that they are willing to accept

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

Using our service will provide you enhanced control over the value of your Weybridge leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Weybridge Lease Extension Case Studies:

Jayden, Weybridge, Surrey,

Jayden owned a 2 bedroom flat in Weybridge on the market with a lease of a few days over 59 years unexpired. Jayden informally contacted his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Jayden to invoke his statutory right. Jayden procured expert legal guidance and secured an acceptable resolution informally and ending up with a market value flat.

Weybridge case:

In 2011 we were called by Mr and Mrs. Y Young who, having was assigned a lease of a basement flat in Weybridge in August 2004. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year lease extension. Similar properties in Weybridge with an extended lease were worth £235,200. The average amount of ground rent was £45 billed annually. The lease concluded on 15 August 2092. Taking into account 66 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including fees.