Main reasons to commence your Wargrave lease extension

Top reasons for lease extension now:

Increase your lease and increase your Wargrave property value

Wargrave leases on domestic properties are gradually losing value. Where your lease has approximately ninety years left, you should start considering the need for a lease extension. If lease term is less than eighty years, you will then have to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Wargrave will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to check if you qualify. In some circumstances you may not be entitled. There are also strict timetables and formalities to comply with once the process is initiated so it’s best to be guided by a conveyancer during the process.

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

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 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.

Banks and Building Societies may not loan monies with a short lease

Lenders are tightening their criteria and many now want flats to have a minimum of 60 if not 70 years remaining at the expiry of the mortgage. Given that plenty of flats in Wargrave were created in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

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

Lease extensions in Wargrave can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer with experience in this area.

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

Wargrave Lease Extension Example Cases:

Chelsea, Wargrave, Berkshire,

Trailing protracted negotiations with the landlord of her ground floor apartment in Wargrave, Chelsea commenced the lease extension process just as the lease was coming close to the crucial eighty-year mark. The transaction completed in August 2010. The landlord’s fees were restricted to under 450 GBP.

Wargrave case:

Dr S García was assigned a lease of a garden apartment in Wargrave in August 1996. The question was if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Comparable properties in Wargrave with an extended lease were in the region of £255,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease expired in 2096. Taking into account 70 years left we estimated the compensation to the freeholder for the lease extension to be between £10,500 and £12,000 not including fees.

Wargrave case:

Mr C Fournier moved into a ground floor flat in Wargrave in September 2012. The dilemma was if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Similar residencies in Wargrave with a long lease were worth £246,800. The mid-range amount of ground rent was £60 invoiced per annum. The lease terminated on 13 May 2076. Taking into account 50 years remaining we approximated the compensation to the landlord for the lease extension to be between £44,700 and £51,600 not including expenses.