Much Wenlock Lease Extension - Free Consultation

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Before you progress with your lease extension in Much Wenlock
Get a quote from one of our lease extension experts with over 20 years experience.

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Why you should commence your Much Wenlock lease extension

Why you should commence your Much Wenlock lease extension today:

Increase your lease and increase your Much Wenlock property value

Much Wenlock residential property held on a long lease is a wasting asset because a leaseholder merely owns the property for a set term.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Banks and Building Societies will not finance a property on a short lease

Mortgage companies are making their criteria more stringent and many now want flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. As a number of flats in Much Wenlock were built in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage.
Yorkshire Building Society 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.

Get in touch with one of our Much Wenlock lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with handle Much Wenlock 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.

Much Wenlock Lease Extension Case Studies:

Maisie, Much Wenlock, Shropshire,

Off the back of unsuccessful negotiations with the freeholder of her purpose-built apartment in Much Wenlock, Maisie commenced the lease extension process as the eighty year mark was swiftly approaching. The transaction completed in August 2010. The landlord’s costs were kept to an absolute minimum.

Much Wenlock case:

Last Christmas we were contacted by Mr M Robinson , who bought a studio apartment in Much Wenlock in May 1996. We are asked if we could estimate the price would be for a 90 year lease extension. Comparative homes in Much Wenlock with 100 year plus lease were in the region of £254,200. The mid-range amount of ground rent was £60 invoiced per annum. The lease concluded on 18 August 2076. Taking into account 51 years unexpired we approximated the compensation to the landlord to extend the lease to be between £43,700 and £50,600 plus costs.

Much Wenlock case:

Dr I Lambert was assigned a lease of a ground floor flat in Much Wenlock in July 2010. The question was if we could shed any light on how much (approximately) price would likely be to prolong the lease by ninety years. Comparative homes in Much Wenlock with 100 year plus lease were valued around £210,600. The average ground rent payable was £45 collected yearly. The lease ran out on 18 January 2087. Given that there were 62 years remaining we calculated the premium to the freeholder for the lease extension to be within £18,100 and £20,800 plus costs.