Main reasons to commence your Wickersley lease extension

Why you should commence your Wickersley lease extension today:

Increase your lease and increase your Wickersley property value

The only way is down when it comes to Wickersley lease terms. Wickersley flats that have a lease term fewer than eighty years will drop in value at a rapid rate, and the cost to extend your lease will go up.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions will not lend with a short lease

Lenders are making their criteria more stringent and a meaningful number now expect flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. Given that plenty of flats in Wickersley were created in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

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

Lease extensions in Wickersley can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

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

Wickersley Lease Extension Case Summaries:

Toby, Wickersley, South Yorkshire,

Toby owned a 2 bedroom apartment in Wickersley on the market with a lease of a few days over 72 years remaining. Toby on an informal basis spoke with his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Toby to exercise his statutory right. Toby obtained expert advice and secured satisfactory deal without going to tribunal and readily saleable.

Wickersley case:

Mr and Mrs. H Rodríguez took over the lease of a basement flat in Wickersley in July 2000. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by ninety years. Comparable flats in Wickersley with a long lease were in the region of £193,400. The average ground rent payable was £65 billed monthly. The lease came to a finish on 8 October 2085. Taking into account 59 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £21,900 and £25,200 plus legals.

Wickersley case:

Last Summer we were phoned by Dr V Michel , who was assigned a lease of a first floor apartment in Wickersley in May 2008. The dilemma was if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Comparable premises in Wickersley with an extended lease were valued around £255,000. The average amount of ground rent was £50 billed per annum. The lease lapsed on 6 May 2096. Given that there were 70 years left we estimated the compensation to the landlord to extend the lease to be within £10,500 and £12,000 exclusive of fees.