Why you should commence your Wisbech lease extension

Top reasons for lease extension now:

Increase your lease and increase your Wisbech property value

On the balance of probabilities where you own a flat in Wisbech you actually own a long leasehold interest over your property

Wisbech property with a lease extension is almost the same value as a freehold

Leasehold premises in Wisbech with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not finance a property with a short lease

Most high street banks are tightening their criteria and many now want flats to have at least sixty if not seventy years left once the mortgage has expired. Given that a number of flats in Wisbech were built in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Wisbech?

Retaining our service will provide you enhanced control over the value of your Wisbech leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Wisbech Lease Extension Case Studies:

Aaron, Wisbech, Cambridgeshire

In recent months Aaron, started to get near to the 80-year mark with the lease on his garden apartment in Wisbech. In buying his property two decades ago, the unexpired term was of minimal concern. by good luck, he realised he needed to take steps soon on Extending the lease. Aaron was able to extend his lease just under the wire last June. Aaron and the landlord in the end settled on sum of £6,000 . If the lease had dipped below eighty years, the figure would have gone up by a minimum £1,050.

Wisbech case:

Last Autumn we were phoned by Ms Abbie Brown , who completed a ground floor apartment in Wisbech in May 1996. The dilemma was if we could approximate the price would likely be for a ninety year lease extension. Comparable homes in Wisbech with 100 year plus lease were in the region of £255,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease termination date was in 2096. Considering the 70 years unexpired we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of costs.

Wisbech case:

Dr Oliver Martin purchased a one bedroom apartment in Wisbech in September 2001. The question was if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Similar properties in Wisbech with 100 year plus lease were worth £246,800. The average ground rent payable was £60 billed quarterly. The lease concluded on 24 February 2076. Taking into account 50 years outstanding we estimated the premium to the freeholder to extend the lease to be between £44,700 and £51,600 exclusive of legals.