Main reasons to commence your Waddington lease extension

Main reasons to commence your Waddington lease extension today:

Increase your lease and increase your Waddington property value

It’s an underpublicised truth that a Waddington residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the early years due to the depreciation being disguised by increases in the Waddington property market.Once your lease nears 85ish years, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls below eighty years - otherwise a higher amount will be due. Most flat owners in Waddington will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm whether you are eligibility. In some cases you may not qualify. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancing solicitor from beginning to end of the formalities.

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

Leasehold residencies in Waddington with in excess of 100 years outstanding on the lease are often regarded as a ‘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 to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions may decide not to lend on a short lease

Many mortgage companies insist on a lengthy amount of time remaining on a leasehold property before they will consider providing a mortgage on it. Even if you don't require a mortgage, you should keep in mind that it is probable that someone wanting to buy your property in the future might well do, so where they are not able to secure a mortgage, then the value of your property will likely be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to lend on

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

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

Waddington Lease Extension Example Cases:

Jessica, Waddington, Lincolnshire,

Subsequent to protracted negotiations with the freeholder of her leasehold apartment in Waddington, Jessica commenced the lease extension process as the eighty year mark was rapidly advancing. The transaction completed in May 2008. The landlord’s costs were kept to an absolute minimum.

Waddington case:

Ms Anna Gray bought a first floor flat in Waddington in August 2007. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by an additional years. Similar premises in Waddington with an extended lease were worth £181,600. The average ground rent payable was £55 collected per annum. The lease came to a finish on 17 July 2078. Having 52 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 not including costs.

Waddington case:

In 2013 we were approached by Mr and Mrs. R Wilson who, having acquired a recently refurbished apartment in Waddington in July 2001. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Comparative homes in Waddington with an extended lease were in the region of £285,000. The average amount of ground rent was £45 collected monthly. The lease ran out in 2098. Having 72 years unexpired we estimated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including professional charges.