Why you should commence your Wadebridge lease extension

Why you should commence your Wadebridge lease extension today:

Increase your lease and increase your Wadebridge property value

Wadebridge leases on residential properties are gradually losing value. Where your lease has approximately ninety years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease falls below this level then you start paying an additional element called marriage value. Flat owners in Wadebridge will mostly qualify for a lease extension; however a solicitor will check if you qualify. In certain situations you may not qualify. There are prescribed timetables and steps to follow once the process has started so it’s prudent to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to lend with a short lease

Most mortgage companies require a lengthy amount of time remaining on a leasehold property before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should bear in mind that it is likely that someone intending to purchase your property in the future might well do, so in the event that they can't secure a mortgage, then the financial worth of your property could suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Wadebridge?

The conveyancing solicitors that we work with undertake Wadebridge 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 lawyer we work with provide it.

Wadebridge Lease Extension Example Cases:

Kelsey, Wadebridge, Cornwall,

Off the back of lengthy discussions with the landlord of her first floor apartment in Wadebridge, Kelsey started the lease extension process as the 80 year mark was rapidly coming. The legal work was finalised in July 2009. The landlord’s fees were kept to an absolute minimum.

Wadebridge case:

In 2012 we were called by Ms J Moore who, having was assigned a lease of a ground floor flat in Wadebridge in February 2001. The dilemma was if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Identical homes in Wadebridge with a long lease were in the region of £255,000. The mid-range amount of ground rent was £50 collected annually. The lease lapsed in 2097. Given that there were 71 years unexpired we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus costs.

Wadebridge case:

Last month we were contacted by Mr and Mrs. A Michel , who took over the lease of a first floor flat in Wadebridge in April 2005. We are asked if we could estimate the premium would be to extend the lease by a further 90 years. Similar residencies in Wadebridge with 100 year plus lease were worth £254,200. The mid-range ground rent payable was £60 invoiced monthly. The lease elapsed in 2077. Having 51 years unexpired we calculated the compensation to the landlord for the lease extension to be within £43,700 and £50,600 plus legals.