Top reasons for Wheatley lease extension

Main reasons to commence your Wheatley lease extension today:

Increase your lease and increase your Wheatley property value

Wheatley leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Wheatley enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Wheatley you must investigate if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

An extended lease has roughly the same value as a freehold

Leasehold properties in Wheatley with more than one hundred years remaining on the lease are sometimes regarded as a ‘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 buying the reversionary interest unless savings on ground rent and service charges justify it.

Lending institutions may not loan monies with a short lease

Lenders are making their criteria more stringent and many now require flats to have at least 60 if not 70 years left once the mortgage has expired. As many flats in Wheatley were created in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Wheatley?

Engaging our service will provide you increased control over the value of your Wheatley leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Wheatley Lease Extension Example Cases:

Kai, Wheatley, Oxfordshire

Half a year ago Kai, started to get close to the 80-year threshold with the lease on his purpose- built apartment in Wheatley. Having purchased his flat twenty years ago, the unexpired term was of minimal concern. Luckily, he noticed he would soon be paying way over the odds for a lease extension. Kai arranged for a lease extension just under the wire last June. Kai and the landlord who owned the flat above subsequently settled on sum of £5,500 . If he failed to meet the deadline, the amount would have gone up by a minimum £950.

Wheatley case:

Ms Alisha Laurent acquired a garden apartment in Wheatley in November 1997. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Comparable flats in Wheatley with 100 year plus lease were valued around £168,800. The mid-range ground rent payable was £60 billed per annum. The lease terminated on 27 October 2081. Taking into account 55 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 plus legals.

Wheatley case:

Dr Chelsea Evans owned a recently refurbished apartment in Wheatley in May 1996. We are asked if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Similar homes in Wheatley with an extended lease were valued around £235,200. The average amount of ground rent was £45 billed quarterly. The lease ran out on 1 May 2092. Taking into account 66 years outstanding we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of fees.