Top reasons for Wolverley lease extension

Main reasons to commence your Wolverley lease extension today:

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

The nearer a residential lease in Wolverley gets to zero years unexpired, the more it reduces the value of the property. Where the lease has, over 125 years to run then this decrease may be negligible nevertheless there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should extend the lease sooner rather than later. The majority of flat owners in Wolverley will qualify for this right; nevertheless a lawyer can confirm whether you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lenders will not issue a mortgage with a short lease

Almost all banks and building societies will not grant a mortgage on a lease with less than seventy years left to run - although this varies between mortgage companies. A purchaser will undoubtedly encounter difficulties in obtaining a mortgage and this will result in your Wolverley property being difficult to sell or refinance.

What makes us experts in Wolverley lease extensions?

Regardless of whether you are a tenant or a freeholder in Wolverley,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 Wolverley valuers.

Wolverley Lease Extension Case Studies:

Lewis, Wolverley, Worcestershire,

Lewis owned a studio apartment in Wolverley on the market with a lease of a little over 61 years outstanding. Lewis on an informal basis spoke with his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £200 annually. No ground rent would be payable on a lease extension were Lewis to exercise his statutory right. Lewis procured expert advice and was able to make a more informed decision and deal with the matter and sell the flat.

Wolverley case:

Mr and Mrs. J Girard completed a basement flat in Wolverley in October 2012. The question was if we could approximate the premium would likely be for a 90 year extension to my lease. Comparable flats in Wolverley with an extended lease were valued around £208,600. The mid-range amount of ground rent was £60 invoiced yearly. The lease came to a finish on 25 June 2083. Given that there were 57 years outstanding we estimated the compensation to the landlord for the lease extension to be between £30,400 and £35,200 plus expenses.

Wolverley case:

Mr Jake Dupont was assigned a lease of a first floor flat in Wolverley in August 1997. The question was if we could approximate the price could be for a ninety year extension to my lease. Identical residencies in Wolverley with an extended lease were worth £200,000. The mid-range ground rent payable was £50 collected monthly. The lease lapsed on 7 May 2103. Taking into account 77 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of expenses.