As the the remaining lease term of a Wolverhampton domestic lease lessens so does its value and therefore the value of your property. Where the lease has, beyond one hundred years to run then this decrease may be of little impact nevertheless there will become a stage when a lease has less than 80 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 primary logic behind why you should extend the lease without delay. The majority of flat owners in Wolverhampton will meet the qualifying criteria; nevertheless a lawyer should be able to confirm if you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is generally considered that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Leeds Building Society | |
| Nationwide Building Society | |
| The Mortgage Works | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Lease extensions in Wolverhampton can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Wolverhampton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Teddy owned a high value apartment in Wolverhampton on the market with a lease of a little over fifty eight years remaining. Teddy on an informal basis approached his freeholder a well known Manchester-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Teddy to invoke his statutory right. Teddy obtained expert advice and was able to make a more informed judgement and deal with the matter and sell the property.
Mr and Mrs. K Smith was assigned a lease of a newly refurbished flat in Wolverhampton in July 1995. The question was if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by a further 90 years. Comparative flats in Wolverhampton with 100 year plus lease were valued around £186,000. The average ground rent payable was £65 invoiced monthly. The lease concluded in 2084. Having 58 years remaining we calculated the compensation to the landlord to extend the lease to be between £24,700 and £28,600 plus fees.
In 2009 we were phoned by Mr and Mrs. M Carter who, having owned a purpose-built apartment in Wolverhampton in January 2007. The question was if we could shed any light on how much (approximately) price would be to prolong the lease by ninety years. Comparable premises in Wolverhampton with a long lease were valued about £250,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease came to a finish in 2095. Given that there were 69 years unexpired we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus professional charges.