Main reasons to start your Westbury lease extension

Top reasons for lease extension now:

Increase your lease and increase your Westbury property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will ordinarily be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Westbury. Inevitably, the length of lease remaining shortens as time goes by. This may slip by relatively unnoticed when the flat or house has to be sold or refinanced. The fewer the years remaining the less it is worth and the more it will cost to extend the lease. Eligible leaseholders in Westbury have the right to extend the lease for an additional ninety years under Leasehold Reform legislation. You should give careful deliberation before putting off your Westbury lease extension. Putting off the cost now simply increases the price you will eventually have to pay for a lease extension

An extended lease is almost the same value as a freehold

Leasehold residencies in Westbury with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may decide not to loan monies with a short lease

Almost all mortgage lenders will not lend on a lease with under 70 years remaining - although this varies from lender to lender. A buyer will likely encounter difficulties to obtain a mortgage and this could result in your Westbury property being difficult to dispose of or refinance.

Why use us for your lease extension in Westbury?

Retaining our service will provide you enhanced control over the value of your Westbury leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Westbury Lease Extension Case Studies:

Jessica, Westbury, Wiltshire,

Trailing unsuccessful negotiations with the freeholder of her studio flat in Westbury, Jessica started the lease extension process as the eighty year deadline was fast coming. The lease extension was concluded in March 2010. The freeholder’s fees were negotiated to a tad over four hundred pounds.

Westbury case:

Mr Liam Martin was assigned a lease of a purpose-built apartment in Westbury in April 1997. The dilemma was if we could shed any light on how much (approximately) price could be to prolong the lease by 90 years. Similar flats in Westbury with an extended lease were in the region of £300,000. The mid-range ground rent payable was £50 billed quarterly. The lease came to a finish on 28 June 2101. Taking into account 75 years left we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of professional charges.

Westbury case:

Mrs Ellen Mercier completed a purpose-built apartment in Westbury in October 2000. We are asked if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparable residencies in Westbury with 100 year plus lease were valued around £250,400. The average amount of ground rent was £65 collected every twelve months. The lease concluded on 19 March 2090. Having 64 years unexpired we calculated the premium to the freeholder to extend the lease to be between £19,000 and £22,000 plus fees.