Top reasons for Wiveliscombe lease extension

Main reasons to start your Wiveliscombe lease extension today:

Increase your lease and increase your Wiveliscombe property value

Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will usually be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Wiveliscombe. Inevitably, the term of lease left reduces over time. This may slip by relatively unnoticed when the residence needs to be disposed of or refinanced. The shorter the lease the less it is worth and the more it will cost to extend the lease. Qualifying leaseholders in Wiveliscombe have the right to extend the lease for an additional ninety years in accordance with the 1993 Leasehold Reform Act. You should give due consideration before putting off your Wiveliscombe lease extension. Holding off the cost now simply increases the price you will ultimately have to pay to extend your lease

An extended lease is almost the same value as a freehold

Leasehold properties in Wiveliscombe with more than one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions will not grant a mortgage with a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to become concerned at around 75 years. This will cause difficulties once you wish to dispose of or refinance your property as it will be effectively unmortgageable. Even though you might not have an immediate intention to sell but when you do your buyer will need to hold off for two years before being able to exercise the right to a a lease extension.

What makes us experts in Wiveliscombe lease extensions?

Regardless of whether you are a tenant or a landlord in Wiveliscombe,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Wiveliscombe valuers.

Wiveliscombe Lease Extension Example Cases:

Holly, Wiveliscombe, Somerset,

Subsequent to lengthy discussions with the landlord of her basement flat in Wiveliscombe, Holly commenced the lease extension process as the 80 year deadline was swiftly nearing. The legal work was finalised in April 2007. The freeholder’s charges were kept to an absolute minimum.

Wiveliscombe case:

Mr and Mrs. E Rogers moved into a studio flat in Wiveliscombe in February 2008. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Comparable homes in Wiveliscombe with an extended lease were in the region of £260,000. The average ground rent payable was £50 invoiced yearly. The lease ended on 11 October 2098. Having 72 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus costs.

Wiveliscombe case:

Last Autumn we were phoned by Dr Rory Sánchez , who took over the lease of a one bedroom flat in Wiveliscombe in July 2001. The question was if we could estimate the premium could be to extend the lease by a further 90 years. Comparable premises in Wiveliscombe with a long lease were in the region of £261,600. The mid-range ground rent payable was £60 billed yearly. The lease lapsed in 2078. Considering the 52 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £39,000 and £45,000 exclusive of professional charges.