Why you should commence your Wedmore lease extension

Why you should start your Wedmore lease extension today:

Increase your lease and increase your Wedmore property value

Wedmore leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Most owners of residential leasehold property in Wedmore enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Wedmore you must check if your lease has between seventy and ninety years remaining. There are good reasons why a Wedmore leaseholder with a lease having around eighty years left should take action to ensure that a lease extension is put in place without delay

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

It is generally accepted that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to grant a mortgage with a short lease

Banks and building societies do not like short residential leases. You are likely to experience problems if you wish to sell your flat in Wedmore if the remaining lease term is below the criteria set by the majority of lenders. Different lenders have different requirements but on the whole theyrequire an unexpired term of at least 65 years.

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

Regardless of whether you are a tenant or a landlord in Wedmore,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Wedmore valuers.

Wedmore Lease Extension Example Cases:

Jodie, Wedmore, Somerset,

Off the back of lengthy discussions with the landlord of her studio apartment in Wedmore, Jodie initiated the lease extension process just as the lease was coming close to the critical 80-year deadline. The lease extension was concluded in August 2009. The landlord’s costs were kept to an absolute minimum.

Wedmore case:

Mrs Isabel Turner moved into a one bedroom apartment in Wedmore in April 1999. The question was if we could estimate the premium could be to extend the lease by an additional years. Similar properties in Wedmore with an extended lease were valued about £248,000. The mid-range ground rent payable was £65 billed monthly. The lease concluded on 20 October 2089. Considering the 63 years remaining we approximated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 exclusive of fees.

Wedmore case:

Last November we were called by Dr Ali Rogers , who completed a purpose-built flat in Wedmore in July 2002. The question was if we could approximate the premium would be for a ninety year lease extension. Similar flats in Wedmore with 100 year plus lease were in the region of £181,600. The mid-range ground rent payable was £55 collected annually. The lease expired on 24 August 2078. Having 52 years left we approximated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 exclusive of expenses.