Main reasons to commence your Wolstanton lease extension

Main reasons to commence your Wolstanton lease extension today:

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

Unfortunately that a Wolstanton residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the early years due to the loss of value being disguised by increases in the Wolstanton property market.Where your lease has approximately ninety years left, you need to start thinking about a lease extension. If the number of years remaining dips under 80 years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property The majority of leasehold owners in Wolstanton will be able to extend under the legislation; however a lawyer should be able to clarify whether you qualify for an extension. In some situations you may not qualify. There are also strict timetables and procedures to follow once the process is instigated and you will need to be guided by your lawyer for the duration of the formalities.

Wolstanton property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years in the future.

Lending institutions will not finance a property with a short lease

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

Regardless of whether you are a tenant or a freeholder in Wolstanton,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 in-depth market knowledge and the close ties they enjoy with Wolstanton valuers.

Wolstanton Lease Extension Case Summaries:

Kyle, Wolstanton, Staffordshire

Half a year ago Kyle, started to get close to the 80-year threshold with the lease on his two bedroom apartment in Wolstanton. In buying his home two decades ago, the lease term was of little concern. Thankfully, he became aware that he would soon be paying way over the odds for Extending the lease. Kyle was able to extend his lease just under the wire last July. Kyle and the landlord ultimately settled on a premium of £6,000 . If the lease had fallen to less than 80 years, the amount would have become more exhorbitant by at least £875.

Wolstanton case:

Last Summer we were e-mailed by Mr and Mrs. D Johnson , who acquired a studio apartment in Wolstanton in June 2006. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Similar flats in Wolstanton with a long lease were valued around £257,800. The average ground rent payable was £65 invoiced quarterly. The lease terminated on 7 November 2091. Having 65 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £18,100 and £20,800 exclusive of costs.

Wolstanton case:

Mr and Mrs. Y García moved into a purpose-built apartment in Wolstanton in July 1997. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by an additional years. Identical homes in Wolstanton with 100 year plus lease were in the region of £191,400. The average ground rent payable was £55 invoiced annually. The lease elapsed in 2080. Having 54 years left we calculated the premium to the freeholder for the lease extension to be within £34,200 and £39,600 plus costs.