Why you should commence your Wetherby lease extension

Main reasons to commence your Wetherby lease extension today:

Increase your lease and increase your Wetherby property value

For those whose Wetherby flat is held on a long lease, our message is clear – if nothing is done, the property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to extend the lease.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not issue a mortgage on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to get nervous at around 75 years. This may be problematic when you come to dispose of or refinance your property as it will be effectively unmortgageable. Even though you might have no imminent intention to sell but when you do your purchaser will have to hold off for two years before they can initiate the legal procedures for an extension to the lease.

Get in touch with one of our Wetherby lease extension solicitors or enfranchisement solicitors

Lease extensions in Wetherby can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in lease extensions.

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

Wetherby Lease Extension Case Summaries:

Aaron, Wetherby, Leeds,

Aaron owned a conversion apartment in Wetherby being sold with a lease of fraction over sixty years left. Aaron on an informal basis contacted his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Aaron to exercise his statutory right. Aaron obtained expert advice and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.

Wetherby case:

Last month we were contacted by Mr A Thomas , who bought a studio apartment in Wetherby in August 2003. The question was if we could approximate the premium could be for a ninety year extension to my lease. Similar properties in Wetherby with an extended lease were in the region of £183,600. The average ground rent payable was £65 collected per annum. The lease ended in 2083. Given that there were 57 years unexpired we estimated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 exclusive of costs.

Wetherby case:

Last Winter we were called by Dr S Gunderson , who acquired a first floor flat in Wetherby in August 2000. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by an additional years. Comparable residencies in Wetherby with a long lease were valued around £245,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease elapsed on 5 November 2094. Given that there were 68 years left we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including fees.