Wigston leases on residential deteriorating in value. Where your lease has in the region of 90 years unexpired, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for a lease extension to be in place before the term of the existing lease falls under eighty years - otherwise a higher premium will be payable. Flat owners in Wigston will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to check if you qualify. In certain circumstances you may not qualify. There are prescribed timetables and procedures to follow once the process is triggered so it’s sensible to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| National Westminster Bank | |
| Royal Bank of Scotland |
Lease extensions in Wigston can be a difficult process. We recommend you obtain guidance from a lawyer and valuer with experience in this area.
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 in-depth market knowledge procuring Wigston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In recent months Blake, came dangerously close to the 80-year mark with the lease on his basement flat in Wigston. Having bought his property twenty years ago, the lease term was of no relevance. by good luck, it dawned on him that he needed to take steps soon on Extending the lease. Blake arranged for a lease extension at the eleventh hour last September. Blake and the freeholder subsequently settled on a premium of £5,000 . If the lease had slid lower than eighty years, the sum would have escalated by at least £925.
In 2012 we were called by Mrs Paige Wood who, having bought a purpose-built flat in Wigston in June 1995. The dilemma was if we could shed any light on how much (roughly) premium could be to extend the lease by ninety years. Comparative premises in Wigston with 100 year plus lease were worth £265,000. The average amount of ground rent was £50 invoiced quarterly. The lease finished in 2099. Considering the 73 years left we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of costs.
Dr Finn Thompson owned a studio apartment in Wigston in October 2010. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by 90 years. Similar premises in Wigston with an extended lease were in the region of £264,000. The average amount of ground rent was £60 invoiced every twelve months. The lease terminated in 2079. Considering the 53 years outstanding we estimated the premium to the landlord for the lease extension to be within £37,100 and £42,800 not including fees.