Top reasons for Wigan lease extension

Main reasons to start your Wigan lease extension today:

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

For those whose Wigan home is held on a long lease, the message is clear – if no remedial action is taken, the property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to extend the lease.

An extended lease is almost the same value as a freehold

Leasehold premises in Wigan with over 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lenders will not finance a property with a short lease

Lenders are inclined not grant a mortgage on short residential leases. You are likely to experience difficulties where you want to sell your flat in Wigan if the unexpired lease term is under the criteria set by most mortgage companies. Different lenders have different criteria but generally they are looking for an unexpired term of at least 65 years.

What makes us experts in Wigan lease extensions?

Lease extensions in Wigan can be a difficult process. We recommend you get professional help from a lawyer and valuer 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 Wigan lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Wigan Lease Extension Case Studies:

Finley, Wigan, Greater Manchester

In recent months Finley, started to get close to the eighty-year mark with the lease on his leasehold apartment in Wigan. In buying his property 19 years ago, the lease term was of no importance. As luck would have it, he noticed he needed to take steps soon on a lease extension. Finley extended the lease just under the wire in July. Finley and the landlord who owned the flat above eventually settled on an amount of £6,000 . If he not met the deadline, the sum would have gone up by at least £900.

Wigan case:

In 2013 we were e-mailed by Dr M Mercier who, having purchased a one bedroom flat in Wigan in April 2001. The question was if we could approximate the premium would likely be to prolong the lease by 90 years. Identical flats in Wigan with an extended lease were worth £264,000. The average ground rent payable was £60 billed annually. The lease ended in 2079. Having 53 years left we calculated the premium to the freeholder for the lease extension to be within £37,100 and £42,800 plus costs.

Wigan case:

In 2011 we were e-mailed by Mr Oscar King who, having was assigned a lease of a one bedroom flat in Wigan in October 2006. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Comparative premises in Wigan with a long lease were worth £220,400. The mid-range amount of ground rent was £45 collected quarterly. The lease lapsed in 2090. Considering the 64 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £15,200 and £17,600 exclusive of legals.