Main reasons to start your Wooler lease extension

Main reasons to commence your Wooler lease extension today:

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

For those whose Wooler home is held on a long lease, the message is clear – if you do nothing, the property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the less it is worth and the more expensive it will be to procure a lease extension.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not issue a mortgage on a short lease

Many banks and building societies require a lengthy amount of time left on any leasehold residence before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be mindful that it is probable that someone wanting to buy your property in the future might well do, so where they are unable to obtain a mortgage, then the value of your property will likely suffer. Since 2008 most mortgage lenders have increased the required minimum lease length that they are willing to accept

Why use us for your lease extension in Wooler?

Lease extensions in Wooler can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Wooler lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Wooler Lease Extension Example Cases:

Stephanie, Wooler, Northumberland,

Following unsuccessful discussions with the landlord of her purpose-built apartment in Wooler, Stephanie initiated the lease extension process as the eighty year threshold was quickly advancing. The legal work completed in June 2010. The landlord’s costs were restricted to about 700 GBP.

Wooler case:

Mr and Mrs. I Lewis acquired a one bedroom flat in Wooler in November 1995. The question was if we could estimate the premium would be for a ninety year lease extension. Identical flats in Wooler with an extended lease were in the region of £183,600. The average amount of ground rent was £65 invoiced per annum. The lease termination date was in 2083. Considering the 57 years as a residual term we estimated the premium to the landlord for the lease extension to be between £28,500 and £33,000 not including fees.

Wooler case:

Mr Luke Garcia was assigned a lease of a one bedroom flat in Wooler in April 2012. The dilemma was if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Similar homes in Wooler with a long lease were in the region of £245,000. The mid-range amount of ground rent was £50 collected quarterly. The lease lapsed on 24 August 2094. Having 68 years left we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of costs.