Why you should start your Wigston lease extension

Why you should commence your Wigston lease extension today:

Increase your lease and increase your Wigston property value

The nearer a domestic lease in Wigston nears to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, more than one hundred years to run then this decrease may be negligible however there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should extend the lease without delay. Many flat owners in Wigston will meet the qualifying criteria; however a conveyancing solicitor can confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

Wigston property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Wigston with more than one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.

Lenders may not lend with a short lease

Many mortgage companies insist on a lengthy amount of time remaining on any leasehold property before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be aware that it is probable that someone wanting to buy your property in the future might well do, so where they can't get a mortgage, then the financial worth of your property will likely suffer. Since 2008 many banks and building societies have increased the required minimum lease length that they are willing to accept

Why use us for your lease extension in Wigston?

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

Wigston Lease Extension Case Studies:

Harry, Wigston, Leicestershire,

Harry owned a studio apartment in Wigston being sold with a lease of a little over sixty years remaining. Harry informally spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Harry to invoke his statutory right. Harry obtained expert advice and was able to make a more informed decision and handle with the matter and ending up with a market value flat.

Wigston case:

In 2010 we were e-mailed by Mrs Daisy Rogers who, having bought a studio apartment in Wigston in September 2007. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by a further 90 years. Identical properties in Wigston with a long lease were worth £227,800. The average amount of ground rent was £45 invoiced per annum. The lease termination date was on 10 November 2091. Taking into account 65 years remaining we estimated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 plus professional charges.

Wigston case:

Mr K Scott owned a basement apartment in Wigston in April 1999. We are asked if we could estimate the premium would likely be for a ninety year extension to my lease. Comparable flats in Wigston with 100 year plus lease were worth £275,000. The average amount of ground rent was £55 collected yearly. The lease elapsed in 2102. Having 76 years left we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including legals.