Top reasons for Wolston lease extension

Top reasons for lease extension now:

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

On the balance of probabilities if you own a flat in Wolston you actually own a long leasehold interest over your property

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

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Lenders may not loan monies on a short lease

Nearly all mortgage companies will be unwilling to lend on a lease with under 70 years remaining - although this varies from lender to lender. A purchaser will no doubt find it difficult to obtain a mortgage and this could result in your Wolston property becoming difficult to dispose of or refinance.

What makes us experts in Wolston lease extensions?

The lawyers that we work with undertake Wolston lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Wolston Lease Extension Example Cases:

Edward, Wolston, Warwickshire

16 months ago Edward, started to get close to the 80-year threshold with the lease on his first floor apartment in Wolston. Having bought his property two decades ago, the length of the lease was of no concern. Luckily, he became aware that he needed to take action soon on Extending the lease. Edward extended the lease just under the wire in September. Edward and the freeholder in the end settled on sum of £5,500 . If he had missed the deadline, the premium would have become more costly by a minimum £1,000.

Wolston case:

Dr C Williams took over the lease of a recently refurbished apartment in Wolston in February 1999. The question was if we could approximate the premium would likely be to extend the lease by ninety years. Similar properties in Wolston with an extended lease were in the region of £173,800. The mid-range amount of ground rent was £65 invoiced yearly. The lease terminated in 2081. Having 55 years unexpired we approximated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 plus professional charges.

Wolston case:

In 2010 we were contacted by Dr O Cooper who, having completed a first floor flat in Wolston in January 2001. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by 90 years. Comparable premises in Wolston with a long lease were valued about £235,200. The average amount of ground rent was £45 collected annually. The lease elapsed in 2092. Given that there were 66 years remaining we estimated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of professional charges.