Top reasons for Wilford lease extension

Top reasons for lease extension now:

Increase your lease and increase your Wilford property value

For those whose Wilford flat is held on a long lease, the message is clear – if no remedial action is taken, the property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to extend the lease.

Wilford property with a lease extension is almost the same value as a freehold

Leasehold premises in Wilford with in excess of one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.

Lenders may not finance a property with a short lease

Lending institutions have specific criteria when loaning monies secured on leasehold property. Some will simply refrain from lending at all once the residual lease term slips beneath a certain unexpired lease term. Many Lending institutions will not regard property with an unexpired below seventy years suitable security. As well as this being important when selling, it is also relevant where you are wanting to refinance your Wilford home.

Why use us for your lease extension in Wilford?

Lease extensions in Wilford can be a difficult process. We recommend you procure professional help from a conveyancer and valuer 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 in-depth market knowledge procuring Wilford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Wilford Lease Extension Case Studies:

Grace, Wilford, Nottinghamshire,

Following protracted negotiations with the landlord of her purpose-built apartment in Wilford, Grace started the lease extension process as the 80 year threshold was quickly nearing. The transaction was concluded in August 2015. The landlord’s fees were kept to an absolute minimum.

Wilford case:

In 2010 we were contacted by Dr V Bernard who, having purchased a purpose-built apartment in Wilford in April 1995. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year extension to my lease. Comparable residencies in Wilford with 100 year plus lease were worth £285,000. The mid-range amount of ground rent was £45 collected per annum. The lease came to a finish on 19 February 2098. Considering the 72 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of legals.

Wilford case:

Mr and Mrs. L Dupont took over the lease of a first floor apartment in Wilford in October 2010. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year lease extension. Comparative premises in Wilford with a long lease were valued around £233,200. The average amount of ground rent was £60 invoiced annually. The lease concluded on 13 July 2087. Taking into account 61 years outstanding we estimated the compensation to the landlord to extend the lease to be between £22,800 and £26,400 plus fees.