Top reasons for Wells lease extension

Main reasons to commence your Wells lease extension today:

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

There is no doubt about it a leasehold flat or house in Wells is a wasting asset as a result of the diminishing lease term. Where the residual term has, more than 100 years remaining then this decrease may be fractional however there will become a point in time when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should consider extending without delay. Most flat owners in Wells will qualify for this right; however a lawyer can advise whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

Wells property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Wells with more than 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may not grant a mortgage on a short lease

Banks and building societies are tightening their criteria and many now expect flats to have at least sixty if not seventy years remaining once the mortgage has expired. As a number of flats in Wells were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Wells?

Lease extensions in Wells can be a difficult process. We recommend you get guidance from a conveyancer and valuer with experience in lease extensions.

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

Wells Lease Extension Example Cases:

Alice, Wells, Somerset,

Following protracted correspondence with the landlord of her basement flat in Wells, Alice commenced the lease extension process as the eighty year deadline was quickly approaching. The legal work was concluded in October 2008. The freeholder’s costs were kept to an absolute minimum.

Wells case:

Mr and Mrs. H Howard bought a studio flat in Wells in June 2004. We are asked if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Identical homes in Wells with an extended lease were worth £183,600. The average amount of ground rent was £65 billed monthly. The lease ran out on 20 May 2083. Having 57 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 not including professional charges.

Wells case:

Mr and Mrs. W Gunderson took over the lease of a one bedroom apartment in Wells in March 2000. The question was if we could estimate the premium would be for a 90 year lease extension. Identical properties in Wells with an extended lease were in the region of £245,000. The average amount of ground rent was £45 invoiced per annum. The lease came to a finish on 12 April 2094. Given that there were 68 years left we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including professional charges.