Why you should commence your Williton lease extension

Main reasons to start your Williton lease extension today:

Increase your lease and increase your Williton property value

The market value of Williton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase substantially once the unexpired lease term is less than 80 years

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

Leasehold premises in Williton with over one hundred years unexpired 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 property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not grant a mortgage on a short lease

Lenders are really restricting their approach as regards to homes in Williton with short leases. For instance you may find that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus restricting your market.

What makes us experts in Williton lease extensions?

Regardless of whether you are a tenant or a landlord in Williton,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Williton valuers.

Williton Lease Extension Example Cases:

Benjamin, Williton, Somerset

Last Christmas Benjamin, started to get near to the eighty-year threshold with the lease on his leasehold apartment in Williton. In buying his flat twenty years previously, the length of the lease was of little relevance. Fortunately, he recognised he would imminently be paying an inflated amount for Extending the lease. Benjamin was able to extend his lease just in the nick of time in July. Benjamin and the landlord who owned the flat above in the end settled on sum of £6,000 . If the lease had dropped lower than 80 years, the figure would have gone up by at least £950.

Williton case:

Mr and Mrs. W Walker completed a one bedroom flat in Williton in November 2002. The dilemma was if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Identical homes in Williton with a long lease were worth £254,200. The average amount of ground rent was £60 billed per annum. The lease finished on 21 April 2077. Given that there were 51 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £43,700 and £50,600 not including costs.

Williton case:

Last Spring we were phoned by Dr V Davis , who bought a garden apartment in Williton in October 2011. The question was if we could estimate the premium could be for a 90 year lease extension. Comparative properties in Williton with a long lease were worth £215,600. The mid-range ground rent payable was £45 collected monthly. The lease came to a finish on 4 April 2088. Given that there were 62 years outstanding we calculated the premium to the landlord to extend the lease to be within £18,100 and £20,800 plus fees.