Main reasons to commence your Wilton lease extension

Top reasons for lease extension now:

A Wilton lease depreciates with the years remaining on the lease.

The value of Wilton 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 escalate substantially once the unexpired lease term is less than 80 years

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

It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders will not grant a mortgage with a short lease

Lending institutions have specific criteria when lending funds secured on leasehold homes. Some will simply refuse lend at all once the remaining lease term drops below a certain unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired term of less than seventy years suitable security. In addition to this being important when selling, it is also relevant if you are intending to remortgage your Wilton property.

Why use us for your lease extension in Wilton?

Lease extensions in Wilton can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor with experience in lease extensions.

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 a wealth of experience procuring Wilton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Wilton Lease Extension Case Summaries:

James, Wilton, Wiltshire

Last Christmas James, came precariously near to the 80-year threshold with the lease on his two bedroom flat in Wilton. In buying his home 18 years previously, the lease term was of no bearing. Fortunately, he realised he would imminently be paying an escalated premium for a lease extension. James arranged for a lease extension at the eleventh hour in March. James and the freeholder subsequently settled on a premium of £5,000 . If the lease had dropped lower than eighty years, the premium would have increased by at least £1,075.

Wilton case:

Dr T Richardson took over the lease of a purpose-built flat in Wilton in March 2008. We are asked if we could approximate the premium would be to prolong the lease by 90 years. Similar flats in Wilton with a long lease were in the region of £166,400. The average amount of ground rent was £60 billed quarterly. The lease elapsed on 25 February 2080. Considering the 54 years outstanding we approximated the compensation to the landlord to extend the lease to be within £32,300 and £37,400 not including costs.

Wilton case:

Ms Hollie David took over the lease of a garden flat in Wilton in October 2012. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by an additional years. Comparative flats in Wilton with an extended lease were valued about £227,800. The average ground rent payable was £45 invoiced monthly. The lease finished in 2091. Considering the 65 years outstanding we approximated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 plus professional charges.