Main reasons to commence your Wadhurst lease extension

Main reasons to start your Wadhurst lease extension today:

Increase your lease and increase your Wadhurst property value

There is no doubt about it a leasehold property in Wadhurst is a wasting asset as a result of the diminishing lease term. Where the residual term has, more than 125 years remaining then this decrease may be negligible however there will become a point in time when a lease has under than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main rational as to why you should consider extending sooner than later. The majority of flat owners in Wadhurst will qualify for this right; however a lawyer can advise whether you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders may decide not to finance a property with a short lease

Most banks have narrowed their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below 75 years as they are considered to be unacceptable for lending purposes.

What makes us experts in Wadhurst lease extensions?

Lease extensions in Wadhurst can be a difficult process. We recommend you get guidance from a conveyancer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Wadhurst lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Wadhurst Lease Extension Case Studies:

Abigail, Wadhurst, East Sussex,

In the wake of eight months of unsuccessful discussions with the freeholder of her basement flat in Wadhurst, Abigail initiated the lease extension process as the eighty year mark was swiftly coming. The legal work was concluded in July 2011. The landlord’s fees were restricted to about 500 GBP.

Wadhurst case:

Last Winter we were called by Mr A Harris , who took over the lease of a basement flat in Wadhurst in May 1997. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Comparative homes in Wadhurst with 100 year plus lease were worth £275,000. The mid-range amount of ground rent was £65 billed monthly. The lease lapsed on 19 January 2094. Having 68 years remaining we approximated the premium to the landlord for the lease extension to be within £12,400 and £14,200 not including fees.

Wadhurst case:

In 2009 we were called by Mrs Bethany Watson who, having acquired a one bedroom apartment in Wadhurst in March 2010. We are asked if we could estimate the premium would likely be for a 90 year extension to my lease. Comparable properties in Wadhurst with an extended lease were worth £208,600. The average amount of ground rent was £60 invoiced monthly. The lease finished on 8 June 2083. Having 57 years remaining we calculated the compensation to the landlord for the lease extension to be between £30,400 and £35,200 exclusive of expenses.