Why you should start your Overton lease extension

Top reasons for lease extension now:

A Overton leasehold property depreciates with the years remaining on the lease.

Chances are that if you own a flat in Overton you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years ahead.

Banks and Building Societies may not loan monies with a short lease

Banks and Building Societies have specific criteria when lending monies secured on leasehold homes. Some will simply refuse lend at all once an unexpired lease term slips beneath a certain unexpired lease term. Many Lending institutions will not regard property with an unexpired below 75 years as adequate security. In addition to impacting your ability to sell, it is also relevant where you are intending to refinance your Overton home.

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

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

Overton Lease Extension Case Studies:

Shannon, Overton, Wrexham,

In the wake of eight months of lengthy correspondence with the freeholder of her basement apartment in Overton, Shannon commenced the lease extension process just as the lease was nearing the crucial 80-year deadline. The legal work completed in March 2006. The landlord’s fees were kept to an absolute minimum.

Overton case:

Dr B Williams completed a ground floor flat in Overton in August 2002. We are asked if we could approximate the premium could be to prolong the lease by ninety years. Comparable flats in Overton with 100 year plus lease were in the region of £216,000. The mid-range ground rent payable was £60 invoiced annually. The lease came to a finish on 11 May 2084. Taking into account 58 years unexpired we calculated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 not including costs.

Overton case:

Mr and Mrs. A Leroy owned a recently refurbished apartment in Overton in October 2012. We are asked if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Comparable properties in Overton with a long lease were valued around £205,000. The average ground rent payable was £50 billed quarterly. The lease came to a finish in 2105. Considering the 79 years left we estimated the compensation to the freeholder for the lease extension to be within £7,600 and £8,800 not including legals.