Why you should commence your Wigan lease extension

Main reasons to start your Wigan lease extension today:

Increase your lease and increase your Wigan property value

The value of Wigan leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase materialy once the remaining term is below than eighty years

Wigan property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not loan monies on a short lease

Many mortgage companies require a lengthy amount of time remaining on any leasehold residence before they will contemplate it as adequate security. Even if you don't require a mortgage, you should keep in mind that it is probable that someone wishing to acquire your property in the future might well do, so in the event that they can't obtain a mortgage, then the value of the property will likely suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are willing to lend on

Why use us for your lease extension in Wigan?

The lawyers that we work with handle Wigan 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 conveyancing solicitor we work with provide it.

Wigan Lease Extension Case Studies:

Logan, Wigan, Greater Manchester,

Logan was the the leasehold owner of a conversion flat in Wigan being sold with a lease of a little over fifty eight years outstanding. Logan informally spoke with his freeholder a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Logan to exercise his statutory right. Logan obtained expert legal guidance and was able to make an informed judgement and handle with the matter and readily saleable.

Wigan case:

Mrs Naomi Harris took over the lease of a garden apartment in Wigan in October 1998. We are asked if we could approximate the price would be to prolong the lease by 90 years. Identical residencies in Wigan with a long lease were in the region of £275,000. The average amount of ground rent was £55 invoiced monthly. The lease finished on 5 June 2102. Having 76 years unexpired we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of costs.

Wigan case:

Last Autumn we were phoned by Mr and Mrs. A Jackson , who completed a one bedroom flat in Wigan in October 1995. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by an additional years. Identical properties in Wigan with a long lease were in the region of £176,200. The mid-range ground rent payable was £65 billed yearly. The lease ran out in 2082. Considering the 56 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £29,500 and £34,000 not including expenses.