Why you should start your Williton lease extension

Main reasons to commence your Williton lease extension today:

A Williton leasehold property depreciates with the years remaining on the lease.

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 significantly once the remaining term is less than 80 years

An extended lease has roughly the same value as a freehold

Leasehold properties in Williton with over 100 years outstanding on the lease are often referred to as ‘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 reversionary interest unless savings on ground rent and maintenance charges merit it.

Lending institutions will not grant a mortgage on a short lease

Many banks and building societies will not grant a mortgage on a lease with less than 70 years left to run - although this varies between mortgage companies. A purchaser will no doubt find it difficult in obtaining a mortgage and this could result in your Williton property being difficult to dispose of or to obtain finance on.

What makes us experts in Williton lease extensions?

Lease extensions in Williton can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor 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 in-depth market knowledge dealing with Williton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Williton Lease Extension Example Cases:

Max, Williton, Somerset

In recent months Max, came precariously near to the 80-year threshold with the lease on his two bedroom flat in Williton. Having purchased his home two decades ago, the lease term was of little relevance. Fortunately, he recognised he would imminently be paying way over the odds for a lease extension. Max arranged for a lease extension just ahead of time last April. Max and the landlord who owned the flat above subsequently settled on sum of £5,500 . If the lease had slid lower than 80 years, the sum would have gone up by at least £1,125.

Williton case:

In 2009 we were phoned by Dr M Flores who, having bought a one bedroom flat in Williton in August 1998. The question was if we could estimate the compensation to the landlord would be for a ninety year lease extension. Similar residencies in Williton with an extended lease were in the region of £218,000. The mid-range amount of ground rent was £45 invoiced monthly. The lease ran out on 15 May 2089. Considering the 63 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £17,100 and £19,800 exclusive of fees.

Williton case:

Mr Oscar Anderson bought a studio apartment in Williton in June 2009. The question was if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Comparative residencies in Williton with 100 year plus lease were in the region of £270,000. The average ground rent payable was £55 billed every twelve months. The lease lapsed on 9 April 2100. Considering the 74 years left we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of costs.