There is no doubt about it a leasehold flat or house in Wem is a wasting asset as a result of the shortening lease. If the residual term has, beyond 100 years to run then this decrease may be fractional that being said there will become a stage when a lease has less than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary reason why you should extend the lease sooner rather than later. Most flat owners in Wem will qualify for this right; nevertheless a lawyer should be able to advise if you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
Leasehold properties in Wem with more than one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| Santander | |
| TSB | |
| Royal Bank of Scotland |
Lease extensions in Wem can be a difficult process. We recommend you get guidance from a conveyancer 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 a wealth of experience procuring Wem lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Nathaniel, started to get near to the 80-year mark with the lease on his ground floor flat in Wem. In buying his property twenty years ago, the length of the lease was of minimal concern. by good luck, he noticed he would imminently be paying an inflated amount for Extending the lease. Nathaniel arranged for a lease extension just in the nick of time in April. Nathaniel and the freeholder subsequently settled on the final figure of £5,000 . If he had missed the deadline, the price would have escalated by at least £1,150.
In 2010 we were e-mailed by Mr and Mrs. H Pérez who, having acquired a garden apartment in Wem in May 2000. The dilemma was if we could estimate the price would likely be for a 90 year extension to my lease. Similar premises in Wem with an extended lease were in the region of £275,000. The average ground rent payable was £65 invoiced quarterly. The lease concluded on 26 April 2094. Considering the 68 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of costs.
Last June we were phoned by Ms Ashleigh Kelly , who took over the lease of a ground floor flat in Wem in March 2008. We are asked if we could approximate the price would likely be to extend the lease by a further 90 years. Comparative flats in Wem with an extended lease were in the region of £213,600. The mid-range amount of ground rent was £60 collected every twelve months. The lease terminated on 28 August 2083. Having 57 years left we estimated the premium to the landlord to extend the lease to be between £30,400 and £35,200 plus legals.