Why you should start your Wallasey lease extension

Why you should start your Wallasey lease extension today:

Increase your lease and increase your Wallasey property value

On the balance of probabilities where you own a flat in Wallasey you actually own a long leasehold interest over your property

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

Leasehold properties in Wallasey with in excess of 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders will not issue a mortgage on a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now expect flats to have a minimum of 60 if not 70 years remaining at the expiry of the mortgage. Considering plenty of flats in Wallasey were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to get a mortgage.

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

Lease extensions in Wallasey can be a difficult process. We recommend you obtain guidance 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 in-depth market knowledge dealing with Wallasey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Wallasey Lease Extension Example Cases:

Ali, Wallasey, Merseyside

In 2014 Ali, started to get near to the eighty-year threshold with the lease on his garden apartment in Wallasey. Having bought his property two decades ago, the length of the lease was of little significance. As luck would have it, he became aware that he needed to take action soon on a lease extension. Ali arranged for a lease extension at the eleventh hour last July. Ali and the landlord subsequently agreed on a premium of £5,500 . If the lease had descended to less than 80 years, the amount would have become more exhorbitant by a minimum £1,000.

Wallasey case:

In 2010 we were phoned by Mr and Mrs. E Mercier who, having purchased a first floor flat in Wallasey in September 2007. We are asked if we could estimate the price would likely be for a 90 year lease extension. Identical homes in Wallasey with 100 year plus lease were worth £181,600. The average amount of ground rent was £55 collected every twelve months. The lease ended in 2078. Taking into account 52 years as a residual term we calculated the premium to the landlord to extend the lease to be between £30,400 and £35,200 exclusive of costs.

Wallasey case:

Last April we were called by Dr N Moreau , who was assigned a lease of a studio flat in Wallasey in May 2011. We are asked if we could approximate the premium would likely be to prolong the lease by an additional years. Comparative premises in Wallasey with a long lease were worth £285,000. The mid-range amount of ground rent was £45 collected per annum. The lease expired in 2098. Given that there were 72 years unexpired we estimated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus costs.