Why you should commence your Wisbech lease extension
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Main reasons to start your Wisbech lease extension today:
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<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/wisbech">Wisbech</a> lease depreciates with the years remaining on the lease.
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<p> As the the remaining lease term of a Wisbech domestic lease diminished so does its value and therefore the value of your property. If the residual term has, more than 125 years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has less than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should consider extending without delay. The majority of flat owners in Wisbech will meet the qualifying criteria; that being said a conveyancing solicitor can confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
<h4>Wisbech property with a lease extension has roughly the same value as a freehold</h4>
<p> It is generally accepted that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.
<h4>Lenders may decide not to loan monies on a short lease</h4> Lenders do not like short residential leases. You are likely to experience difficulties if you want to sell your flat in Wisbech if the remaining term of your lease is below the criteria set by most lenders. Different mortgage companies have different requirements but in the main theyrequire an unexpired term of at least seventy years.
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<td>Chelsea Building Society</td>
<td> 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
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<td>Santander</td>
<td> You must report the unexpired lease term to us and await our instructions if: <br />1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or<br />2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or<br />3. no valuation report is provided<br />However, we will not accept a lease where on expiry of the mortgage:<br />(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or<br />(ii) less than 30 years remain and the loan is repaid on a capital and interest basis<br /><br />We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
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<td>Skipton Building Society</td>
<td> 85 years from the date of completion of the mortgage<br /><br />For Buy to Let cases:<br />- lettings must not breach any of the lessee’s covenants; and<br />- consent of the lessor to lettings must be obtained if necessary
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<td>Virgin</td>
<td> 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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<td>Yorkshire Building Society</td>
<td> 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
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Why use us for your lease extension in Wisbech? </h4>
<p> Engaging our service will provide you increased control over the value of your Wisbech leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell.
The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions. <h4>
Wisbech Lease Extension Example Cases:
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<h5> Arthur, Wisbech, Cambridgeshire</h5>
<p> In recent months Arthur, started to get close to the eighty-year mark with the lease on his ground floor flat in Wisbech. In buying his property 19 years ago, the length of the lease was of no importance. Thankfully, he realised he needed to take steps soon on a lease extension. Arthur was able to extend his lease at the eleventh hour in June. Arthur and the landlord who owned the flat above ultimately agreed on an amount of £5,000 . If he not met the deadline, the price would have become more costly by at least £925.
<h5>Wisbech case:</h5>
<p> Mr and Mrs. L Walker bought a one bedroom apartment in Wisbech in June 1998. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year extension to my lease. Identical residencies in Wisbech with 100 year plus lease were worth £200,800. The mid-range ground rent payable was £65 collected quarterly. The lease elapsed on 21 January 2086. Given that there were 60 years left we estimated the compensation to the landlord to extend the lease to be between £20,900 and £24,200 not including costs.
<h5>Wisbech case:</h5>
<p> Mr I Davis acquired a studio apartment in Wisbech in October 1998. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable premises in Wisbech with an extended lease were in the region of £260,000. The average ground rent payable was £50 invoiced yearly. The lease concluded in 2097. Having 71 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 plus legals.
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