Top reasons for Wick lease extension

Top reasons for lease extension now:

A Wick lease depreciates with the years remaining on the lease.

The market value of Wick leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate materialy once the remaining term is less than 80 years

An extended lease has roughly the same value as a freehold

Leasehold residencies in Wick with over 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 home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may not issue a mortgage with a short lease

Many banks and building societies will not grant a mortgage on a lease with less than 70 years unexpired - although this varies between mortgage companies. A purchaser will undoubtedly find it difficult to obtain a mortgage and this could result in your Wick property becoming difficult to dispose of or remortgage.

Why use us for your lease extension in Wick?

Using our service gives you enhanced control over the value of your Wick leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Wick Lease Extension Case Studies:

Alice, Wick, Vale Of Glamorgan,

Subsequent to unsuccessful negotiations with the freeholder of her studio flat in Wick, Alice started the lease extension process just as her lease was coming close to the critical 80-year deadline. The transaction completed in January 2012. The freeholder’s fees were negotiated to about 600 pounds.

Wick case:

Last Summer we were phoned by Dr Y Stewart , who moved into a one bedroom flat in Wick in August 2000. The dilemma was if we could shed any light on how much (roughly) premium could be to extend the lease by an additional years. Comparable homes in Wick with 100 year plus lease were worth £233,200. The average amount of ground rent was £60 billed annually. The lease ran out in 2087. Having 61 years remaining we estimated the compensation to the landlord to extend the lease to be within £22,800 and £26,400 exclusive of professional charges.

Wick case:

Dr Louise Brooks purchased a newly refurbished flat in Wick in May 2004. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Comparative premises in Wick with a long lease were in the region of £166,800. The mid-range amount of ground rent was £50 invoiced annually. The lease ended in 2076. Having 50 years left we estimated the compensation to the landlord for the lease extension to be between £32,300 and £37,400 not including fees.