Wigan leases on domestic deteriorating in value. if your lease has in the region of 90 years left, you should start thinking about a lease extension. If lease term falls under 80 years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Wigan will mostly qualify for a lease extension; however a solicitor will confirm your eligibility. In some circumstances you may not qualify. There are prescribed deadlines and formalities to follow once the process is triggered so it’s best to be guided by a lawyer during the process.
It is generally considered that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Halifax | |
| Nationwide Building Society | |
| Santander | |
| Yorkshire Building Society |
Lease extensions in Wigan can be a difficult process. We recommend you obtain professional help from a lawyer 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 Wigan lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
18 months ago Zachary, came precariously close to the 80-year mark with the lease on his basement flat in Wigan. Having purchased his home 18 years previously, the length of the lease was of minimal significance. Fortunately, he noticed he would imminently be paying way over the odds for a lease extension. Zachary extended the lease just under the wire in January. Zachary and the freeholder via the managing agents ultimately settled on a premium of £6,000 . If he not met the deadline, the premium would have become more exhorbitant by a minimum £950.
Ms A Lefebvre purchased a studio apartment in Wigan in January 2011. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Similar homes in Wigan with an extended lease were in the region of £285,000. The mid-range amount of ground rent was £55 billed per annum. The lease expired in 2106. Considering the 80 years left we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of professional charges.
In 2014 we were approached by Dr Y Williams who, having purchased a purpose-built apartment in Wigan in October 2000. The question was if we could approximate the premium could be to extend the lease by ninety years. Comparative properties in Wigan with 100 year plus lease were worth £200,800. The average amount of ground rent was £65 collected annually. The lease lapsed in 2086. Given that there were 60 years as a residual term we estimated the premium to the landlord to extend the lease to be within £20,900 and £24,200 exclusive of fees.