Top reasons for Wilmslow lease extension

Top reasons for lease extension now:

A Wilmslow lease depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, which has a set term of years. This lease will usually be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Wilmslow. Clearly, the term of lease left shortens as time goes by. This is often overlooked and only becomes a problem when the property has to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to obtain a lease extension. Eligible leaseholders in Wilmslow have the right to extend the lease for a further ninety years under legislation. Please give careful consideration before putting off your Wilmslow lease extension. Putting off that expense now simply increases the price you will ultimately have to pay to extend your lease

An extended lease is almost the same value as a freehold

Leasehold residencies in Wilmslow with in excess of one hundred years unexpired on the lease are often 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 upside in buying the freehold unless savings on ground rent and service charges justify it.

Lending institutions may decide not to lend with a short lease

The trend since over the last decade has been for lenders to tighten lending criteria across the board - this has extended to the types of security over which the home loan is to be charged. This has meant the unexpired lease term required by lenders has increased. In the past mortgage companies were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Wilmslow?

The conveyancers that we work with undertake Wilmslow 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.

Wilmslow Lease Extension Example Cases:

Victoria, Wilmslow, Cheshire,

Trailing protracted discussions with the landlord of her studio flat in Wilmslow, Victoria commenced the lease extension process just as her lease was coming close to the crucial 80-year threshold. The transaction was finalised in July 2013. The freeholder’s charges were kept to an absolute minimum.

Wilmslow case:

Last year we were approach by Mrs Catherine Wilson , who completed a recently refurbished apartment in Wilmslow in October 2000. The dilemma was if we could approximate the premium would likely be to prolong the lease by an additional years. Similar flats in Wilmslow with an extended lease were in the region of £265,000. The average ground rent payable was £50 collected per annum. The lease expired in 2099. Given that there were 73 years left we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including legals.

Wilmslow case:

Last Summer we were approach by Mr and Mrs. G Hernández , who acquired a purpose-built apartment in Wilmslow in September 2010. The question was if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Similar residencies in Wilmslow with 100 year plus lease were in the region of £264,000. The average ground rent payable was £60 billed yearly. The lease elapsed in 2079. Taking into account 53 years outstanding we calculated the compensation to the landlord to extend the lease to be between £37,100 and £42,800 plus professional charges.