Top reasons for Wendover lease extension

Top reasons for lease extension now:

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

Wendover leases on domestic deteriorating in value. Where your lease has about ninety years left, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for your lease extension to take place before the term of the current lease falls lower than eighty years - otherwise a higher amount will be due. Flat owners in Wendover will mostly be legally entitled to a lease extension; however a solicitor will check if you qualify. In some cases you may not qualify. There are prescribed timetables and steps to comply with once the process has commenced so it’s prudent to be guided by a conveyancer during the process.

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

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

Lenders will not lend with a short lease

Almost all mortgage lenders will not lend on a lease with less than seventy years unexpired - although this varies between mortgage companies. A purchaser will likely find it difficult in obtaining a mortgage and this will result in your Wendover property being difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Wendover?

Irrespective of whether you are a tenant or a freeholder in Wendover,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Wendover valuers.

Wendover Lease Extension Case Summaries:

Gemma, Wendover, Buckinghamshire,

After protracted correspondence with the landlord of her ground floor apartment in Wendover, Gemma initiated the lease extension process just as the lease was approaching the critical 80-year deadline. The lease extension completed in July 2011. The landlord’s fees were restricted to less than 600 GBP.

Wendover case:

In 2011 we were approached by Dr F Flores who, having took over the lease of a basement flat in Wendover in May 1999. The dilemma was if we could estimate the premium would likely be to prolong the lease by 90 years. Similar flats in Wendover with 100 year plus lease were worth £200,000. The average ground rent payable was £50 billed quarterly. The lease ran out in 2103. Taking into account 77 years unexpired we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of professional charges.

Wendover case:

In 2011 we were e-mailed by Mr and Mrs. K Martinez who, having acquired a one bedroom apartment in Wendover in October 2002. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Identical flats in Wendover with a long lease were worth £260,200. The mid-range ground rent payable was £65 collected yearly. The lease finished on 26 April 2092. Given that there were 66 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £15,200 and £17,600 plus professional charges.