Main reasons to commence your Wilmslow lease extension

Why you should start your Wilmslow lease extension today:

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

With a long leasehold premises in Wilmslow, you are actually purchasing an entitlement to live in a property for a prescribed time frame. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should consider a lease extension sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately greater notably when there are fewer than eighty years left. Leasehold owners in Wilmslow with a lease drawing near to 81 years remaining should seriously think of extending it sooner than later. Once the lease term has under 80 years left, under the current legislation the landlord can calculate and charge a greater premium, based on a technical calculation, strangely termed as “marriage value” which is due.

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

Leasehold residencies in Wilmslow with more than one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Lending institutions may decide not to issue a mortgage with a short lease

Many mortgage lenders insist on a lengthy amount of time remaining on any leasehold property before they will consider lending on it. Even if you don't require a mortgage, you should bear in mind that it is probable that someone wanting to acquire your property in the future might well do, so if they can't secure a mortgage, then the value of the property will likely be adversely impacted. Since 2008 many banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Wilmslow lease extensions?

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 conveyancer we work with provide it.

Wilmslow Lease Extension Example Cases:

Samantha, Wilmslow, Cheshire,

Subsequent to protracted discussions with the landlord of her studio apartment in Wilmslow, Samantha initiated the lease extension process just as her lease was approaching the all-important eighty-year mark. The transaction was concluded in September 2007. The freeholder’s fees were restricted to about 600 GBP.

Wilmslow case:

Last Summer we were contacted by Mr and Mrs. R Petit , who purchased a first floor apartment in Wilmslow in August 2004. We are asked if we could estimate the premium would likely be to extend the lease by a further 90 years. Comparative premises in Wilmslow with a long lease were in the region of £183,600. The average amount of ground rent was £65 collected yearly. The lease finished on 16 November 2083. Having 57 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of expenses.

Wilmslow case:

Mr and Mrs. S Bailey took over the lease of a purpose-built flat in Wilmslow in February 2006. The question was if we could estimate the premium could be for a ninety year extension to my lease. Comparative homes in Wilmslow with a long lease were in the region of £245,000. The average ground rent payable was £50 billed yearly. The lease finished in 2094. Having 68 years unexpired we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus costs.