Why you should start your Wavertree lease extension

Why you should start your Wavertree lease extension today:

A Wavertree leasehold property depreciates with the years remaining on the lease.

The value of Wavertree 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 significantly once the unexpired lease term is below than eighty years

An extended lease has roughly the same value as a freehold

Leasehold properties in Wavertree with in excess of 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lenders may decide not to lend on a short lease

Banks and building societies do not like short residential leases. You most probably encounter difficulties if you wish to sell your flat in Wavertree if the remaining term of your lease is under the criteria set by the majority of lenders. Different lenders have different criteria but on the whole theyrequire an unexpired term of at least seventy years.

What makes us experts in Wavertree lease extensions?

Retaining our service will provide you better control over the value of your Wavertree leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Wavertree Lease Extension Case Studies:

Felix, Wavertree, Merseyside

16 months ago Felix, came very close to the 80-year threshold with the lease on his one bedroom flat in Wavertree. Having purchased his home 18 years previously, the lease term was of no interest. by good luck, he recognised he would imminently be paying way over the odds for Extending the lease. Felix extended the lease at the eleventh hour last August. Felix and the landlord who owned the flat above in the end agreed on an amount of £6,000 . If the lease had slid to less than eighty years, the figure would have escalated by a minimum £900.

Wavertree case:

Last Summer we were approach by Mrs Y Cook , who purchased a newly refurbished apartment in Wavertree in August 2001. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Comparative properties in Wavertree with a long lease were worth £250,400. The mid-range ground rent payable was £65 collected yearly. The lease finished in 2090. Having 64 years outstanding we approximated the compensation to the landlord to extend the lease to be between £19,000 and £22,000 not including professional charges.

Wavertree case:

Last month we were e-mailed by Ms Yasmin Young , who purchased a one bedroom flat in Wavertree in November 2007. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by ninety years. Comparable premises in Wavertree with a long lease were in the region of £191,400. The average ground rent payable was £55 invoiced monthly. The lease lapsed in 2080. Considering the 54 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £34,200 and £39,600 plus fees.