Why you should start your Wadhurst lease extension

Why you should commence your Wadhurst lease extension today:

Increase your lease and increase your Wadhurst property value

Wadhurst residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a period of years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not finance a property with a short lease

Banks and Building Societies have specific criteria when loaning funds charged on leasehold homes. Some will simply not lend at all once the remaining lease term falls lower than a specified unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired term of less than seventy years suitable security. As well as impacting your ability to sell, it is also relevant if you are intending to refinance your Wadhurst home.

Why use us for your lease extension in Wadhurst?

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

Wadhurst Lease Extension Example Cases:

Seth, Wadhurst, East Sussex,

Seth owned a conversion flat in Wadhurst on the market with a lease of a few days over 59 years left. Seth informally approached his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £125 yearly. No ground rent would be payable on a lease extension were Seth to exercise his statutory right. Seth procured expert advice and secured satisfactory resolution without going to tribunal and sell the property.

Wadhurst case:

Last Summer we were called by Dr Kirsty Wood , who bought a one bedroom flat in Wadhurst in November 2012. We are asked if we could shed any light on how much (approximately) premium could be for a ninety year extension to my lease. Similar premises in Wadhurst with an extended lease were worth £210,000. The mid-range amount of ground rent was £50 collected per annum. The lease end date was on 1 June 2106. Given that there were 80 years remaining we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 not including costs.

Wadhurst case:

Mr and Mrs. O Hill acquired a garden apartment in Wadhurst in November 2008. The question was if we could shed any light on how much (approximately) premium would likely be to extend the lease by 90 years. Identical homes in Wadhurst with 100 year plus lease were valued about £280,000. The mid-range ground rent payable was £45 collected quarterly. The lease terminated on 8 April 2095. Taking into account 69 years outstanding we calculated the premium to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of legals.