Top reasons for Wokingham lease extension

Main reasons to commence your Wokingham lease extension today:

Increase your lease and increase your Wokingham property value

Wokingham leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Wokingham residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Wokingham you really ought to see if your lease has between 70 and 90 years remaining. There are compelling reasons why a Wokingham leaseholder with a lease having around eighty years remaining should take action to ensure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

Leasehold properties in Wokingham with over one hundred years left on the lease are sometimes 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 to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.

Banks and Building Societies will not loan monies on a short lease

Many banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will consider it as adequate security. Regardless of whether you need a mortgage, you should be aware that it is likely that someone wishing to buy your property in the future might well do, so in the event that they are unable to get a mortgage, then the value of your property could suffer. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are prepared to accept

Get in touch with one of our Wokingham lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a freeholder in Wokingham,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 Wokingham valuers.

Wokingham Lease Extension Case Summaries:

Ashleigh, Wokingham, Berkshire,

Following protracted negotiations with the freeholder of her ground floor apartment in Wokingham, Ashleigh started the lease extension process as the eighty year mark was rapidly approaching. The transaction completed in August 2012. The landlord’s fees were kept to an absolute minimum.

Wokingham case:

Mrs Chelsea Pérez completed a purpose-built apartment in Wokingham in October 2000. We are asked if we could estimate the price could be for a ninety year lease extension. Identical flats in Wokingham with an extended lease were in the region of £267,600. The mid-range ground rent payable was £65 invoiced every twelve months. The lease expired on 5 November 2093. Having 67 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £14,300 and £16,400 plus fees.

Wokingham case:

Mrs R Nguyen owned a one bedroom flat in Wokingham in June 1995. We are asked if we could estimate the premium would likely be to prolong the lease by a further 90 years. Identical flats in Wokingham with an extended lease were worth £206,200. The average amount of ground rent was £60 collected every twelve months. The lease came to a finish in 2082. Given that there were 56 years unexpired we estimated the premium to the freeholder to extend the lease to be within £31,400 and £36,200 plus fees.