Why you should start your Wendover lease extension

Why you should start your Wendover lease extension today:

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

The only way is down when it comes to Wendover lease terms. Wendover leaseholds that have a residual term lower than 80 years will reduce in market price even faster, and the cost of extending your lease will increase.

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

Leasehold properties in Wendover with more than one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

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

Most mortgage companies require a lengthy amount of time left on a leasehold residence before they will consider lending on it. Regardless of whether you require a mortgage, you should keep in mind that it is reasonable to assume that someone intending to acquire your property in the future might well do, so if they are not able to obtain a mortgage, then the financial worth of the property will likely be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Wendover lease extensions?

Lease extensions in Wendover can be a difficult process. We recommend you obtain professional help from a lawyer and valuer with experience in this area.

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

Wendover Lease Extension Case Studies:

Teddy, Wendover, Buckinghamshire,

Teddy was the the leasehold owner of a high value apartment in Wendover being marketed with a lease of a few days over 61 years left. Teddy on an informal basis contacted his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 annually. No ground rent would be payable on a lease extension were Teddy to invoke his statutory right. Teddy obtained expert advice and secured satisfactory resolution informally and sell the property.

Wendover case:

Last Winter we were phoned by Mr and Mrs. J Jackson , who completed a purpose-built apartment in Wendover in March 2004. The dilemma was if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Identical residencies in Wendover with a long lease were worth £257,800. The average ground rent payable was £65 collected per annum. The lease ended in 2091. Having 65 years outstanding we approximated the compensation to the landlord to extend the lease to be between £18,100 and £20,800 plus expenses.

Wendover case:

In 2013 we were e-mailed by Dr F Bernard who, having moved into a garden flat in Wendover in October 2004. The dilemma was if we could approximate the premium would likely be for a ninety year extension to my lease. Identical homes in Wendover with a long lease were valued around £191,400. The average ground rent payable was £55 billed monthly. The lease elapsed in 2080. Taking into account 54 years outstanding we approximated the compensation to the landlord to extend the lease to be within £34,200 and £39,600 not including costs.