Why you should start your Woore lease extension

Main reasons to commence your Woore lease extension today:

Increase your lease and increase your Woore property value

With a long leasehold property in Woore, you are in fact renting it for a certain period of time. Modern flat leases are usually granted 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. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive notably once there are fewer than eighty years remaining. Anyone in Woore with a lease drawing near to 81 years unexpired should seriously think of extending it as soon as possible. When a lease has fewer than eighty years outstanding, under the relevant Act the landlord is entitled to calculate and demand a larger premium, assessed on a technical calculation, strangely termed as “marriage value” which is payable.

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

Leasehold premises in Woore with in excess of 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders may decide not to finance a property with a short lease

Most banks have narrowed their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below 75 years as they are considered to be insufficient for lending purposes.

What makes us experts in Woore lease extensions?

Engaging our service gives you better control over the value of your Woore leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Woore Lease Extension Example Cases:

Arthur, Woore, Shropshire

During the course of the last few months Arthur, came dangerously near to the eighty-year mark with the lease on his one bedroom flat in Woore. In buying his home 18 years previously, the length of the lease was of minimal importance. As luck would have it, he realised he needed to take action soon on Extending the lease. Arthur extended the lease at the eleventh hour in March. Arthur and the freeholder via the managing agents in the end agreed on an amount of £5,000 . If he not met the deadline, the price would have increased by at least £1,075.

Woore case:

In 2011 we were called by Ms C Ward who, having bought a studio apartment in Woore in November 2008. We are asked if we could estimate the premium could be for a 90 year lease extension. Identical properties in Woore with an extended lease were in the region of £193,400. The mid-range amount of ground rent was £65 collected yearly. The lease terminated in 2085. Given that there were 59 years outstanding we estimated the compensation to the landlord to extend the lease to be within £21,900 and £25,200 not including expenses.

Woore case:

Last Autumn we were phoned by Dr K Campbell , who purchased a one bedroom flat in Woore in January 1995. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year extension to my lease. Identical premises in Woore with a long lease were worth £255,000. The average amount of ground rent was £50 billed yearly. The lease finished in 2096. Considering the 70 years left we calculated the compensation to the freeholder for the lease extension to be within £10,500 and £12,000 plus professional charges.