Why you should start your Wenvoe lease extension

Top reasons for lease extension now:

Increase your lease and increase your Wenvoe property value

Wenvoe 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 the lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Wenvoe residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Wenvoe you would be well advised to investigate if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value

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

Leasehold premises in Wenvoe with in excess of one hundred years unexpired 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 situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lending institutions will not lend with a short lease

Most banks and building societies require a lengthy amount of time remaining on a leasehold property before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be aware that it is likely that someone wanting to buy your property in the future might well do, so in the event that they can't secure a mortgage, then the financial worth of the property will likely suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Wenvoe lease extensions?

Regardless of whether you are a tenant or a landlord in Wenvoe,the lease extension experts 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 Wenvoe valuers.

Wenvoe Lease Extension Example Cases:

Jodie, Wenvoe, Vale Of Glamorgan,

Subsequent to unsuccessful negotiations with the freeholder of her basement apartment in Wenvoe, Jodie initiated the lease extension process just as her lease was nearing the crucial 80-year deadline. The legal work was concluded in March 2014. The landlord’s charges were negotiated to slightly above 550 GBP.

Wenvoe case:

Mr E Davies acquired a ground floor flat in Wenvoe in September 2001. The dilemma was if we could shed any light on how much (roughly) price would likely be for a ninety year lease extension. Comparable flats in Wenvoe with an extended lease were worth £227,800. The mid-range ground rent payable was £45 billed every twelve months. The lease terminated in 2091. Considering the 65 years unexpired we approximated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 not including fees.

Wenvoe case:

Last month we were contacted by Mr Oscar Lee , who acquired a one bedroom apartment in Wenvoe in October 2001. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Comparable premises in Wenvoe with an extended lease were valued about £275,000. The mid-range amount of ground rent was £55 collected monthly. The lease elapsed on 23 July 2102. Considering the 76 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including professional charges.