Why you should start your Wolverton lease extension

Why you should start your Wolverton lease extension today:

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

With a domestic leasehold property in Wolverton, you effectively rent it for a certain amount of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may think about a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately greater especially when there are less than 80 years left. Leasehold owners in Wolverton with a lease drawing near to 81 years unexpired should seriously consider extending it without delay. Once a lease has under eighty years remaining, under the current statute the freeholder is entitled to calculate and levy a larger premium, assessed on a technical calculation, known as “marriage value” which is due.

An extended lease has roughly the same value as a freehold

Leasehold properties in Wolverton with more than one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Lenders may not grant a mortgage with a short lease

Most high street banks are making their criteria more stringent and many now expect flats to have at least 60 if not 70 years remaining once the mortgage has expired. Considering many flats in Wolverton were built in the fifties, sixties and seventies as a result many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in Wolverton?

Using our service gives you better control over the value of your Wolverton leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Wolverton Lease Extension Example Cases:

Sian, Wolverton, Buckinghamshire,

Subsequent to protracted correspondence with the freeholder of her leasehold flat in Wolverton, Sian initiated the lease extension process as the 80 year threshold was quickly nearing. The transaction completed in May 2008. The landlord’s fees were restricted to under four hundred pounds.

Wolverton case:

Dr B Taylor owned a one bedroom apartment in Wolverton in September 2012. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year extension to my lease. Comparative properties in Wolverton with 100 year plus lease were worth £260,000. The mid-range amount of ground rent was £50 billed quarterly. The lease came to a finish in 2099. Considering the 73 years outstanding we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus professional charges.

Wolverton case:

Mrs D King completed a garden apartment in Wolverton in June 2010. The question was if we could estimate the premium would likely be to prolong the lease by an additional years. Similar premises in Wolverton with a long lease were in the region of £264,000. The average amount of ground rent was £60 invoiced annually. The lease termination date was on 11 February 2079. Having 53 years left we calculated the compensation to the landlord to extend the lease to be within £37,100 and £42,800 not including costs.