Main reasons to start your Wilsden lease extension

Main reasons to start your Wilsden lease extension today:

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

When it comes to long leasehold premises in Wilsden, you are actually buying an entitlement to live in a property for a prescribed time frame. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may consider a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly especially once there are less than eighty years left. Anyone in Wilsden with a lease approaching 81 years left should seriously consider extending it without delay. Once the lease term has less than 80 years left, under the relevant Act the landlord can calculate and charge a larger premium, based on a technical calculation, strangely termed as “marriage value” which is due.

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

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may not grant a mortgage on a short lease

Lending institutions have set criteria when lending monies secured on leasehold property. Many will simply not lend at all once an unexpired lease term falls under a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining below seventy years as acceptable security. As well as this being important when selling, it is also relevant if you are seeking to remortgage your Wilsden home.

Why use us for your lease extension in Wilsden?

The lawyers that we work with undertake Wilsden lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Wilsden Lease Extension Example Cases:

Mia, Wilsden, West Yorkshire,

Subsequent to lengthy discussions with the freeholder of her purpose-built apartment in Wilsden, Mia commenced the lease extension process as the eighty year deadline was rapidly nearing. The transaction was concluded in April 2009. The freeholder’s fees were restricted to under 700 pounds.

Wilsden case:

Dr M Bonnet moved into a basement flat in Wilsden in May 2005. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparative flats in Wilsden with a long lease were valued around £181,600. The mid-range amount of ground rent was £55 billed quarterly. The lease terminated on 7 April 2078. Given that there were 52 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 not including costs.

Wilsden case:

Mr and Mrs. I Ward was assigned a lease of a first floor apartment in Wilsden in September 1997. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Identical residencies in Wilsden with 100 year plus lease were valued around £285,000. The mid-range ground rent payable was £45 billed per annum. The lease termination date was in 2098. Given that there were 72 years left we calculated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus fees.