Main reasons to commence your Wolverton lease extension

Main reasons to commence your Wolverton lease extension today:

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

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Wolverton. Inevitably, the period of lease left reduces over time. This is often overlooked and only raises itself as an issue when the flat or house needs to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Eligible leaseholders in Wolverton have the right to extend the lease for a further 90 years in accordance with legislation. Do give due deliberation before putting off your Wolverton lease extension. Holding off that expense now only increases the price you will eventually have to pay to extend your lease

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions will not grant a mortgage on a short lease

Lenders do not like short residential leases. You are likely to experience difficulties where you wish to sell your flat in Wolverton if the unexpired lease term is under the criteria set by most mortgage companies. Different mortgage companies have varying criteria but on the whole theyrequire a minimum remaining lease term of 65 years.

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

The lawyers that we work with undertake Wolverton 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.

Wolverton Lease Extension Example Cases:

Isobel, Wolverton, Buckinghamshire,

Subsequent to lengthy negotiations with the freeholder of her purpose-built flat in Wolverton, Isobel commenced the lease extension process as the eighty year deadline was swiftly advancing. The lease extension completed in March 2009. The landlord’s charges were kept to an absolute minimum.

Wolverton case:

In 2010 we were phoned by Mr Caleb Simon who, having acquired a studio apartment in Wolverton in October 2010. The question was if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Comparative premises in Wolverton with a long lease were in the region of £254,200. The mid-range ground rent payable was £60 billed per annum. The lease finished on 20 April 2077. Taking into account 51 years remaining we approximated the compensation to the landlord for the lease extension to be between £43,700 and £50,600 exclusive of legals.

Wolverton case:

Last month we were contacted by Mr Felix Clarke , who completed a ground floor flat in Wolverton in April 2009. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by 90 years. Similar flats in Wolverton with a long lease were in the region of £210,600. The average ground rent payable was £45 collected quarterly. The lease lapsed on 17 September 2088. Given that there were 62 years unexpired we approximated the premium to the landlord for the lease extension to be between £18,100 and £20,800 plus legals.