Main reasons to commence your Wilmslow lease extension

Top reasons for lease extension now:

Increase your lease and increase your Wilmslow property value

Wilmslow leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Most owners of residential leasehold property in Wilmslow enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Wilmslow you must see if your lease has between 70 and 90 years left. There are compelling reasons why a Wilmslow leaseholder with a lease having around 80 years remaining should take action to ensure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

Leasehold premises in Wilmslow with over 100 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 property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.

Banks and Building Societies may not issue a mortgage with a short lease

Banks and Building Societies have set criteria when lending funds secured on leasehold homes. Many will simply refuse lend at all once an unexpired lease term goes beneath a certain unexpired lease term. Many Mortgage lenders will not regard property with a remaining below seventy years as acceptable security. In addition to impacting your ability to sell, it is also relevant if you are wanting to remortgage your Wilmslow property.

What makes us experts in Wilmslow lease extensions?

Irrespective of whether you are a tenant or a freeholder in Wilmslow,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Wilmslow valuers.

Wilmslow Lease Extension Example Cases:

Kyle, Wilmslow, Cheshire

14 months ago Kyle, started to get close to the eighty-year threshold with the lease on his leasehold flat in Wilmslow. In buying his property two decades ago, the unexpired term was of little concern. by good luck, he noticed he would imminently be paying way over the odds for Extending the lease. Kyle extended the lease just ahead of time last September. Kyle and the landlord subsequently settled on a premium of £5,000 . If the lease had dipped lower than 80 years, the figure would have gone up by at least £975.

Wilmslow case:

Mr M Rogers acquired a first floor apartment in Wilmslow in February 1995. The dilemma was if we could approximate the price could be to extend the lease by 90 years. Similar residencies in Wilmslow with an extended lease were in the region of £275,000. The mid-range amount of ground rent was £55 billed quarterly. The lease terminated on 14 May 2103. Taking into account 77 years left we approximated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of fees.

Wilmslow case:

Last June we were called by Dr U Miller , who owned a one bedroom apartment in Wilmslow in August 1997. The dilemma was if we could approximate the price could be to prolong the lease by an additional years. Comparative flats in Wilmslow with a long lease were in the region of £183,600. The average ground rent payable was £65 billed quarterly. The lease concluded in 2083. Given that there were 57 years as a residual term we calculated the premium to the landlord for the lease extension to be between £28,500 and £33,000 not including professional charges.