Main reasons to start your Wilsden lease extension

Main reasons to commence your Wilsden lease extension today:

Increase your lease and increase your Wilsden property value

On the balance of probabilities where you own a flat in Wilsden you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for many years in the future.

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

Lenders are tightening their criteria and a meaningful number now require flats to have at least 60 if not 70 years remaining once the mortgage has expired. Given that a number of flats in Wilsden were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Wilsden?

The conveyancers 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 lawyer we work with provide it.

Wilsden Lease Extension Example Cases:

Sebastian, Wilsden, West Yorkshire,

Sebastian owned a conversion flat in Wilsden on the market with a lease of a little over 61 years outstanding. Sebastian informally contacted his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Sebastian to invoke his statutory right. Sebastian obtained expert legal guidance and was able to make an informed decision and deal with the matter and sell the property.

Wilsden case:

In 2010 we were called by Mr and Mrs. T Lambert who, having purchased a purpose-built flat in Wilsden in January 2004. The dilemma was if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Comparative homes in Wilsden with an extended lease were in the region of £285,000. The average amount of ground rent was £45 invoiced per annum. The lease finished in 2097. Given that there were 71 years left we estimated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of expenses.

Wilsden case:

In 2013 we were contacted by Dr Robyn Nguyen who, having completed a purpose-built apartment in Wilsden in January 1999. The dilemma was if we could estimate the price would be for a ninety year extension to my lease. Comparative properties in Wilsden with 100 year plus lease were valued around £225,800. The mid-range amount of ground rent was £60 invoiced monthly. The lease lapsed in 2086. Given that there were 60 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £23,800 and £27,400 exclusive of costs.