Main reasons to start your Wollaston lease extension

Top reasons for lease extension now:

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

As the length of the unexpired term of a Wollaston residential lease decreases so does its value and therefore the value of your property. Where the residual term has, over 125 years to run then this decrease may be fractional however there will become a stage when a lease has under than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should consider extending sooner rather than later. Most flat owners in Wollaston will meet the qualifying criteria; however a lawyer can confirm if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not finance a property with a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are deemed to be unacceptable for lending purposes.

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

Using our service gives you increased control over the value of your Wollaston leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Wollaston Lease Extension Example Cases:

Leon, Wollaston, Northamptonshire

Two years ago Leon, started to get near to the 80-year threshold with the lease on his studio flat in Wollaston. Having purchased his flat 18 years previously, the unexpired term was of minimal importance. As luck would have it, he noticed he would soon be paying an inflated amount for Extending the lease. Leon arranged for a lease extension just ahead of time last May. Leon and the landlord eventually settled on a premium of £6,000 . If he failed to meet the deadline, the amount would have increased by at least £1,125.

Wollaston case:

In 2012 we were approached by Mr Blake Howard who, having completed a newly refurbished flat in Wollaston in June 2005. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Comparative residencies in Wollaston with 100 year plus lease were worth £235,200. The average amount of ground rent was £45 invoiced monthly. The lease came to a finish on 13 November 2092. Given that there were 66 years outstanding we approximated the premium to the landlord for the lease extension to be within £12,400 and £14,200 plus professional charges.

Wollaston case:

Last month we were approach by Mrs Rachael Leroy , who owned a recently refurbished apartment in Wollaston in July 2003. The question was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by an additional years. Comparative properties in Wollaston with 100 year plus lease were valued about £275,000. The average ground rent payable was £55 collected per annum. The lease expiry date was on 14 August 2103. Considering the 77 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 not including fees.