Why you should commence your Wootton lease extension

Why you should commence your Wootton lease extension today:

Increase your lease and increase your Wootton property value

When it comes to residential leasehold property in Wootton, you are actually buying a right to live in a property for a set period of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you should think about extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly particularly when there are less than eighty years left. Anyone in Wootton with a lease approaching 81 years unexpired should seriously think of extending it sooner as opposed to later. When the lease term has less than eighty years remaining, under the current Act the freeholder is entitled to calculate and levy a larger premium, assessed on a technical computation, strangely termed as “marriage value” which is payable.

Wootton 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 unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years ahead.

Lenders may not grant a mortgage with a short lease

Many banks and building societies require a lengthy amount of time remaining on a leasehold property before they will contemplate providing a mortgage on it. Regardless of whether you require a mortgage, you should bear in mind that it is likely that someone intending to acquire your property in the future might well do, so in the event that they can't get a mortgage, then the market price of the property will likely be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Get in touch with one of our Wootton lease extension solicitors or enfranchisement solicitors

Lease extensions in Wootton can be a difficult process. We recommend you procure professional help from a conveyancing solicitor 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 in-depth market knowledge procuring Wootton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Wootton Lease Extension Example Cases:

Felix, Wootton, Northamptonshire

Last Spring Felix, started to get near to the 80-year mark with the lease on his garden apartment in Wootton. In buying his home two decades ago, the length of the lease was of no concern. Thankfully, he recognised he needed to take steps soon on a lease extension. Felix was able to extend his lease just under the wire last January. Felix and the freeholder via the managing agents in the end settled on an amount of £5,500 . If the lease had descended below eighty years, the amount would have gone up by at least £1,050.

Wootton case:

In 2010 we were called by Dr P López who, having completed a one bedroom flat in Wootton in October 1996. We are asked if we could approximate the premium would be for a ninety year extension to my lease. Similar flats in Wootton with a long lease were valued about £270,000. The mid-range ground rent payable was £55 invoiced monthly. The lease lapsed in 2101. Given that there were 75 years remaining we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including expenses.

Wootton case:

Last Christmas we were contacted by Mr and Mrs. I Ward , who owned a basement apartment in Wootton in April 2006. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Identical premises in Wootton with a long lease were valued about £173,800. The mid-range ground rent payable was £65 collected per annum. The lease finished in 2081. Given that there were 55 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 exclusive of professional charges.