Why you should start your Wolvey lease extension

Why you should start your Wolvey lease extension today:

Increase your lease and increase your Wolvey property value

Chances are that where you own a flat in Wolvey you actually own a long leasehold interest over your property

Wolvey property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not issue a mortgage on a short lease

Most high street banks are tightening their criteria and many now require flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. Considering a number of flats in Wolvey were built in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.

What makes us experts in Wolvey lease extensions?

The conveyancers that we work with handle Wolvey 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.

Wolvey Lease Extension Example Cases:

Elizabeth, Wolvey, Warwickshire,

In the wake of 9 months of unsuccessful negotiations with the freeholder of her two bedroom flat in Wolvey, Elizabeth commenced the lease extension process just as the lease was coming close to the crucial eighty-year mark. The lease extension was finalised in January 2009. The landlord’s costs were kept to an absolute minimum.

Wolvey case:

Dr F Norbert owned a recently refurbished apartment in Wolvey in May 2009. The dilemma was if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Identical properties in Wolvey with a long lease were worth £174,200. The mid-range amount of ground rent was £55 collected quarterly. The lease terminated in 2077. Taking into account 51 years left we approximated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 not including fees.

Wolvey case:

Dr M Phillips bought a newly refurbished apartment in Wolvey in April 1998. The question was if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Similar properties in Wolvey with an extended lease were valued around £285,000. The mid-range amount of ground rent was £45 invoiced annually. The lease terminated in 2097. Given that there were 71 years outstanding we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of fees.