Why you should commence your Wigan lease extension

Top reasons for lease extension now:

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

On the balance of probabilities where 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

Leasehold residencies in Wigan with more than one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies may decide not to lend on a short lease

Most mortgage lenders have tightened lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below 75 years as they are considered to be inadequate for lending purposes.

What makes us experts in Wigan lease extensions?

Lease extensions in Wigan can be a difficult process. We recommend you get guidance from a conveyancer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Wigan lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Wigan Lease Extension Example Cases:

Isabella, Wigan, Greater Manchester,

In the wake of 9 months of unsuccessful discussions with the freeholder of her two bedroom apartment in Wigan, Isabella started the lease extension process just as her lease was approaching the crucial 80-year deadline. The legal work completed in March 2015. The landlord’s fees were restricted to below 500 GBP.

Wigan case:

Mr and Mrs. W Morris moved into a purpose-built flat in Wigan in June 2001. The question was if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Comparative properties in Wigan with 100 year plus lease were worth £245,000. The mid-range amount of ground rent was £45 billed monthly. The lease elapsed in 2094. Having 68 years remaining we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus costs.

Wigan case:

In 2009 we were called by Dr Natalie Díaz who, having completed a recently refurbished apartment in Wigan in June 2003. We are asked if we could estimate the compensation to the landlord could be for a 90 year lease extension. Comparative premises in Wigan with 100 year plus lease were worth £285,000. The mid-range amount of ground rent was £55 billed annually. The lease ended in 2105. Considering the 79 years left we approximated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 plus costs.