Check Your Lease
If you are a leasehold or shared owner it may be a good idea to check to see how many years remain on your lease.
This is especially important if you purchased your home during the 1980s or early 1990s, or if you have recently purchased your home from an existing owner without your lease being extended at the same time.
Most of our leases are either 99 years for houses or 125 years for flats based on the date they were originally built or acquired by Wandle.
In a nutshell, if your home has an unexpired lease term of less than 80 years it may be more difficult to sell your home or get a re-mortgage. A lease with only 70 years left to run will have a much lower sale value than a lease with 90 plus years remaining.
Extending your lease might be not as difficult and complicated as you think.
When a lease is extended a further 90 years is added to the existing lease term.
To get things started we will need a valuation to be done of your home. Wandle has its own a panel of approved valuers for you to choose from with the valuation fee ranging from £300 to £350 (including VAT). Once the valuation is done, we will inform you of the premium (i.e. the price you will need to pay to extend your lease) and if you decide to then go ahead we will then instruct solicitors to complete the deed to extend your lease. You will need to pay the valuation fee to us beforehand and we will collect any legal fees upon completion.
If you do not have your lease to hand please contact the Leasehold team via telephone on: 0300 2000 120 or email: firstname.lastname@example.org and we can check for you.