Top reasons for Wolvey lease extension

Main reasons to commence your Wolvey lease extension today:

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

The only way is down when it comes to Wolvey lease terms. Wolvey leaseholds that have a residual term lower than 80 years will de-escalate in market price at a rapid rate, and the cost of extending your lease will increase.

Wolvey property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lenders may decide not to lend with a short lease

Banks and Building Societies have set criteria when loaning monies secured on leasehold property. Many will simply not lend at all once an unexpired lease term falls below a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining below 75 years as acceptable security. In addition to this being important when selling, it is also relevant if you are intending to remortgage your Wolvey home.

Why use us for your lease extension in Wolvey?

Irrespective of whether you are a tenant or a landlord in Wolvey,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Wolvey valuers.

Wolvey Lease Extension Case Summaries:

Henry, Wolvey, Warwickshire

During the course of the last few months Henry, started to get near to the eighty-year threshold with the lease on his one bedroom apartment in Wolvey. In buying his flat twenty years ago, the unexpired term was of minimal importance. Luckily, he realised he would soon be paying way over the odds for a lease extension. Henry arranged for a lease extension just under the wire in July. Henry and the freeholder via the management company subsequently settled on an amount of £6,000 . If he had missed the deadline, the figure would have gone up by at least £975.

Wolvey case:

Last month we were e-mailed by Dr Henry Morris , who purchased a newly refurbished apartment in Wolvey in September 2005. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable properties in Wolvey with a long lease were in the region of £243,000. The mid-range amount of ground rent was £65 billed per annum. The lease ran out on 25 July 2089. Considering the 63 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £20,000 and £23,000 exclusive of fees.

Wolvey case:

In 2013 we were e-mailed by Mrs V Peterson who, having bought a one bedroom apartment in Wolvey in September 1996. We are asked if we could approximate the price would be for a 90 year lease extension. Identical premises in Wolvey with a long lease were valued about £181,600. The average ground rent payable was £55 invoiced every twelve months. The lease ended in 2078. Having 52 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 not including fees.