Top reasons for Waolstenholme lease extension

Main reasons to start your Waolstenholme lease extension today:

Increase your lease and increase your Waolstenholme property value

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

An extended lease has roughly the same value as a freehold

It is generally considered that a property with in excess of 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 worth the same as a freehold for many years in the future.

Lending institutions may not grant a mortgage with a short lease

Mortgage lenders have specific criteria when lending funds secured on leasehold property. Many will simply refrain from lending at all once the remaining lease term falls below a certain unexpired lease term. Many Mortgage lenders will not consider property with an unexpired below 75 years as acceptable security. As well as this being important when selling, it is also relevant where you are wanting to remortgage your Waolstenholme property.

What makes us experts in Waolstenholme lease extensions?

Lease extensions in Waolstenholme can be a difficult process. We recommend you procure professional help 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 a wealth of experience procuring Waolstenholme lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Waolstenholme Lease Extension Example Cases:

Seth, Waolstenholme, Greater Manchester,

Seth owned a 2 bedroom flat in Waolstenholme being marketed with a lease of a little over 61 years remaining. Seth informally contacted his freeholder a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £200 yearly. No ground rent would be due on a lease extension were Seth to exercise his statutory right. Seth procured expert advice and was able to make an informed judgement and deal with the matter and sell the property.

Waolstenholme case:

Mr Adam Richardson bought a recently refurbished apartment in Waolstenholme in September 2000. The dilemma was if we could approximate the premium could be for a ninety year extension to my lease. Comparable premises in Waolstenholme with a long lease were valued about £189,000. The average ground rent payable was £55 invoiced annually. The lease end date was on 25 September 2079. Taking into account 53 years unexpired we approximated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 plus fees.

Waolstenholme case:

In 2009 we were approached by Dr U Bonnet who, having owned a basement apartment in Waolstenholme in January 1996. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by ninety years. Similar homes in Waolstenholme with 100 year plus lease were valued about £290,000. The average ground rent payable was £45 billed per annum. The lease expired in 2099. Given that there were 73 years unexpired we approximated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of costs.