For those whose Wragby property is held on a long lease, our message is clear – if no remedial action is taken, the property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease.
Leasehold residencies in Wragby with over 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Skipton Building Society |
Lease extensions in Wragby can be a difficult process. We recommend you get professional help from a conveyancer and surveyor 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 Wragby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following unsuccessful discussions with the landlord of her first floor flat in Wragby, Jessica started the lease extension process just as the lease was approaching the critical eighty-year threshold. The legal work was concluded in May 2009. The landlord’s costs were kept to an absolute minimum.
In 2011 we were called by Mr A Flores who, having bought a first floor apartment in Wragby in February 2008. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year extension to my lease. Identical homes in Wragby with a long lease were in the region of £300,000. The average ground rent payable was £50 billed per annum. The lease terminated in 2102. Taking into account 76 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 plus costs.
Dr P Brown was assigned a lease of a studio apartment in Wragby in June 2006. We are asked if we could estimate the compensation to the landlord would be to extend the lease by 90 years. Similar premises in Wragby with an extended lease were valued around £257,800. The mid-range amount of ground rent was £65 invoiced quarterly. The lease terminated on 4 August 2091. Having 65 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £18,100 and £20,800 not including fees.