Main reasons to start your Wallingford lease extension

Why you should commence your Wallingford lease extension today:

A Wallingford lease depreciates with the years remaining on the lease.

The value of Wallingford leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate materialy once the unexpired lease term is less than 80 years

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

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

The propensity since over the last decade has been for banks to tighten lending criteria across the board - this has extended to the types of security over which the home loan is to be charged. This has meant the minimum number of years remaining under the lease required by lenders has increased. Historically lenders were content with 25 years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Wallingford?

Lease extensions in Wallingford can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor 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 in-depth market knowledge procuring Wallingford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Wallingford Lease Extension Case Summaries:

Hunter, Wallingford, Oxfordshire,

Hunter was the the leasehold proprietor of a conversion flat in Wallingford being sold with a lease of a few days over 72 years remaining. Hunter on an informal basis spoke with his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £200 per annum. No ground rent would be due on a lease extension were Hunter to invoke his statutory right. Hunter procured expert advice and secured an acceptable resolution without resorting to tribunal and ending up with a market value flat.

Wallingford case:

Dr Jordan Gray took over the lease of a garden flat in Wallingford in April 2008. The dilemma was if we could estimate the price could be to extend the lease by a further 90 years. Similar homes in Wallingford with a long lease were worth £275,000. The mid-range amount of ground rent was £65 invoiced annually. The lease finished in 2094. Considering the 68 years outstanding we calculated the premium to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of costs.

Wallingford case:

Mr and Mrs. S Nelson was assigned a lease of a first floor apartment in Wallingford in July 2003. The question was if we could shed any light on how much (roughly) price would be to prolong the lease by 90 years. Comparative premises in Wallingford with an extended lease were worth £208,600. The average ground rent payable was £60 collected every twelve months. The lease lapsed in 2083. Considering the 57 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 not including professional charges.