Why you should commence your Wedmore lease extension

Top reasons for lease extension now:

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

The only way is down when it comes to Wedmore lease terms. Wedmore flats that have a residual term shorter than eighty years will drop in market price at a rapid rate, and the cost of extending your lease will rise.

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

It is generally accepted that a property with over 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders may decide not to issue a mortgage with a short lease

Most high street banks are tightening their criteria and many now expect flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. Considering many flats in Wedmore were created in the fifties, sixties and seventies this means many now require lease extensions if they wish to get a mortgage.

Why use us for your lease extension in Wedmore?

Lease extensions in Wedmore can be a difficult process. We recommend you obtain professional help from a lawyer 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 Wedmore lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Wedmore Lease Extension Example Cases:

Rachel, Wedmore, Somerset,

Trailing unsuccessful negotiations with the landlord of her garden apartment in Wedmore, Rachel started the lease extension process as the eighty year threshold was quickly nearing. The transaction completed in August 2015. The freeholder’s fees were kept to an absolute minimum.

Wedmore case:

Last Winter we were called by Mrs Ellie Patel , who completed a studio apartment in Wedmore in February 1996. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Identical homes in Wedmore with 100 year plus lease were in the region of £300,000. The average ground rent payable was £50 billed yearly. The lease elapsed in 2101. Taking into account 75 years unexpired we estimated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including expenses.

Wedmore case:

In 2011 we were approached by Dr K Ward who, having took over the lease of a garden flat in Wedmore in January 2000. The question was if we could approximate the price could be for a ninety year extension to my lease. Comparable premises in Wedmore with an extended lease were worth £252,800. The average amount of ground rent was £65 billed quarterly. The lease end date was on 11 March 2091. Taking into account 65 years left we calculated the premium to the freeholder to extend the lease to be between £18,100 and £20,800 plus professional charges.