Top reasons for Wincanton lease extension

Why you should commence your Wincanton lease extension today:

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

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

An extended lease is almost the same value as a freehold

Leasehold premises in Wincanton with over 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders will not loan monies on a short lease

Nearly all mortgage lenders will not lend on a lease with under 70 years remaining - although this varies between mortgage companies. A buyer will likely find it difficult in obtaining a mortgage and this will result in your Wincanton property being difficult to sell or to obtain finance on.

What makes us experts in Wincanton lease extensions?

Lease extensions in Wincanton can be a difficult process. We recommend you procure guidance from a conveyancer 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 a wealth of experience procuring Wincanton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Wincanton Lease Extension Case Studies:

Blake, Wincanton, Somerset

Two years ago Blake, came perilously near to the 80-year mark with the lease on his leasehold flat in Wincanton. In buying his property 18 years previously, the lease term was of no concern. Thankfully, he became aware that he needed to take action soon on Extending the lease. Blake arranged for a lease extension just under the wire last March. Blake and the freeholder via the management company subsequently agreed on sum of £6,000 . If he not met the deadline, the price would have become more costly by at least £1,000.

Wincanton case:

In 2011 we were e-mailed by Mr K Mitchell who, having bought a garden apartment in Wincanton in October 2003. We are asked if we could estimate the price would be to prolong the lease by 90 years. Similar homes in Wincanton with 100 year plus lease were valued around £290,000. The average amount of ground rent was £45 billed quarterly. The lease came to a finish in 2098. Having 72 years outstanding we approximated the premium to the landlord to extend the lease to be between £11,400 and £13,200 plus fees.

Wincanton case:

Last Autumn we were contacted by Mr and Mrs. C Flores , who bought a studio apartment in Wincanton in May 2010. The question was if we could estimate the premium would likely be for a ninety year lease extension. Similar homes in Wincanton with a long lease were in the region of £233,200. The average ground rent payable was £60 billed per annum. The lease end date was on 16 October 2087. Having 61 years remaining we approximated the premium to the freeholder for the lease extension to be between £22,800 and £26,400 not including expenses.