Main reasons to commence your Wollaton lease extension

Why you should start your Wollaton lease extension today:

A Wollaton leasehold property depreciates with the years remaining on the lease.

Chances are that if you own a flat in Wollaton you actually own a long leasehold interest over your property

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

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to grant a mortgage on a short lease

Banks and Building Societies have specific criteria when lending monies charged on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term slips lower than a specified unexpired lease term. Many Mortgage lenders will not regard property with an unexpired term of less than seventy years as adequate security. As well as this being important when selling, it is also relevant where you are wanting to refinance your Wollaton property.

Why use us for your lease extension in Wollaton?

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

Wollaton Lease Extension Example Cases:

Jordan, Wollaton, Nottinghamshire,

Following lengthy discussions with the landlord of her studio apartment in Wollaton, Jordan initiated the lease extension process as the 80 year threshold was swiftly advancing. The legal work completed in September 2008. The landlord’s costs were restricted to a tad over 650 GBP.

Wollaton case:

Dr Millie Hill moved into a ground floor apartment in Wollaton in June 2003. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by an additional years. Similar properties in Wollaton with an extended lease were valued around £235,200. The mid-range ground rent payable was £45 billed yearly. The lease ran out in 2092. Given that there were 66 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of legals.

Wollaton case:

Last Autumn we were contacted by Mrs R Stewart , who took over the lease of a purpose-built flat in Wollaton in July 1999. The dilemma was if we could shed any light on how much (approximately) premium would be to extend the lease by 90 years. Comparable properties in Wollaton with an extended lease were worth £275,000. The average amount of ground rent was £55 billed monthly. The lease ended on 4 May 2103. Taking into account 77 years remaining we estimated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 plus legals.