Why you should commence your Wigan lease extension

Why you should commence your Wigan lease extension today:

Increase your lease and increase your Wigan property value

On the balance of probabilities if you own a flat in Wigan you actually own a long leasehold interest over your property

Wigan property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to finance a property on a short lease

Lenders are tightening their criteria and many now want flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. As many flats in Wigan were created in the fifties, sixties and seventies this means many now need to be extended if they wish to obtain a mortgage.

Why use us for your lease extension in Wigan?

Irrespective of whether you are a tenant or a landlord in Wigan,the lease extension experts 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 Wigan valuers.

Wigan Lease Extension Case Studies:

Alexander, Wigan, Greater Manchester,

Alexander owned a conversion apartment in Wigan being sold with a lease of a little over 59 years outstanding. Alexander on an informal basis contacted his freeholder being a well known local-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Alexander to exercise his statutory right. Alexander procured expert legal guidance and was able to make a more informed decision and deal with the matter and readily saleable.

Wigan case:

Mrs Gemma Jones took over the lease of a one bedroom apartment in Wigan in May 1998. We are asked if we could estimate the compensation to the landlord would be for a 90 year lease extension. Similar residencies in Wigan with a long lease were in the region of £220,400. The mid-range ground rent payable was £45 invoiced monthly. The lease came to a finish on 13 January 2090. Taking into account 64 years left we approximated the premium to the landlord to extend the lease to be between £15,200 and £17,600 not including costs.

Wigan case:

Last Winter we were e-mailed by Dr Naomi Turner , who purchased a ground floor apartment in Wigan in October 1997. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparative flats in Wigan with a long lease were in the region of £270,000. The mid-range amount of ground rent was £55 invoiced per annum. The lease termination date was in 2101. Considering the 75 years remaining we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including professional charges.