Main reasons to start your High Wycombe lease extension

Why you should commence your High Wycombe lease extension today:

A High Wycombe lease depreciates with the years remaining on the lease.

The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in High Wycombe can extend the lease for an additional 90 years in accordance with legislation. Please think carefully before delaying your High Wycombe lease extension. Shelving the costs now simply increases the amount you will eventually have to pay for a lease extension.

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

Leasehold premises in High Wycombe with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions will not loan monies on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to get concerned at around 75 years. This may be problematic once you come to market or remortgage your flat as it will be effectively unmortgageable. Even though you may not have an immediate desire to sell but when you do your purchaser will need to wait two years before they can exercise the right to a an extension to the lease.

Get in touch with one of our High Wycombe lease extension solicitors or enfranchisement solicitors

Retaining our service will provide you increased control over the value of your High Wycombe leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

High Wycombe Lease Extension Example Cases:

Jodie, High Wycombe, Buckinghamshire,

Off the back of unsuccessful discussions with the landlord of her basement flat in High Wycombe, Jodie commenced the lease extension process just as her lease was approaching the all-important 80-year mark. The lease extension was concluded in September 2008. The landlord’s fees were kept to an absolute minimum.

High Wycombe case:

Dr Molly Norbert was assigned a lease of a studio flat in High Wycombe in November 1997. The question was if we could estimate the premium would likely be to extend the lease by ninety years. Comparable flats in High Wycombe with 100 year plus lease were worth £233,200. The mid-range ground rent payable was £60 billed per annum. The lease ran out in 2087. Given that there were 61 years as a residual term we approximated the premium to the landlord for the lease extension to be between £22,800 and £26,400 not including legals.

High Wycombe case:

Dr Jackson David purchased a garden apartment in High Wycombe in August 2009. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Similar premises in High Wycombe with an extended lease were valued around £171,800. The mid-range amount of ground rent was £55 collected yearly. The lease lapsed in 2076. Given that there were 50 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £33,300 and £38,400 plus professional charges.