Main reasons to commence your Wakefield lease extension

Why you should commence your Wakefield lease extension today:

Increase your lease and increase your Wakefield property value

Wakefield leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Wakefield enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Wakefield you should investigate if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

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

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for many years ahead.

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

Almost all mortgage lenders insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate lending on it. Even if you don't require a mortgage, you should keep in mind that it is likely that someone wanting to acquire your property in the future might well do, so if they are not able to get a mortgage, then the value of your property will likely be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

Why use us for your lease extension in Wakefield?

Lease extensions in Wakefield can be a difficult process. We recommend you secure professional help from a lawyer and valuer with experience in lease extensions.

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 dealing with Wakefield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Wakefield Lease Extension Case Summaries:

Sebastian, Wakefield, West Yorkshire,

Sebastian was the the leasehold proprietor of a conversion apartment in Wakefield on the market with a lease of a little over fifty eight years unexpired. Sebastian on an informal basis spoke with his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 yearly. No ground rent would be payable on a lease extension were Sebastian to exercise his statutory right. Sebastian obtained expert legal guidance and secured satisfactory deal informally and readily saleable.

Wakefield case:

Last April we were phoned by Mr Y Kelly , who acquired a first floor apartment in Wakefield in August 2010. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Comparative homes in Wakefield with an extended lease were worth £275,000. The average ground rent payable was £55 collected per annum. The lease end date was on 25 July 2103. Considering the 77 years unexpired we calculated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 plus professional charges.

Wakefield case:

Last Winter we were phoned by Mr P Mitchell , who bought a one bedroom apartment in Wakefield in March 1996. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Identical residencies in Wakefield with an extended lease were worth £183,600. The average amount of ground rent was £65 invoiced yearly. The lease lapsed in 2083. Having 57 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 not including expenses.