Top reasons for Wilmslow lease extension

Why you should start your Wilmslow lease extension today:

Increase your lease and increase your Wilmslow property value

Chances are that if you own a flat in Wilmslow you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold properties in Wilmslow with more than 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 reversionary interest unless savings on ground rent and service charges merit it.

Mortgage lenders will not loan monies on a short lease

Most mortgage lenders will be unwilling to grant a mortgage on a lease with under 70 years left to run - although this varies between mortgage companies. A purchaser will likely find it difficult in obtaining a mortgage and this will result in your Wilmslow property being difficult to dispose of or remortgage.

Why use us for your lease extension in Wilmslow?

The conveyancing solicitors that we work with procure 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 Case Summaries:

Hugo, Wilmslow, Cheshire

Last year Hugo, started to get close to the 80-year threshold with the lease on his purpose- built flat in Wilmslow. In buying his home 18 years previously, the unexpired term was of minimal bearing. As luck would have it, it dawned on him that he would imminently be paying way over the odds for a lease extension. Hugo extended the lease just in the nick of time in August. Hugo and the landlord who owned the flat above ultimately agreed on sum of £5,500 . If the lease had descended to less than eighty years, the sum would have escalated by at least £900.

Wilmslow case:

In 2014 we were approached by Ms G Torres who, having owned a one bedroom apartment in Wilmslow in August 1999. The question was if we could approximate the premium would be to prolong the lease by an additional years. Identical premises in Wilmslow with a long lease were in the region of £250,000. The mid-range ground rent payable was £50 invoiced per annum. The lease lapsed on 13 July 2095. Taking into account 69 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including legals.

Wilmslow case:

Last Autumn we were phoned by Mr Y Carter , who was assigned a lease of a one bedroom apartment in Wilmslow in July 2004. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by an additional years. Comparative flats in Wilmslow with 100 year plus lease were in the region of £285,000. The mid-range ground rent payable was £55 billed quarterly. The lease terminated in 2106. Having 80 years remaining we calculated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of legals.