Why you should start your Wragby lease extension

Why you should start your Wragby lease extension today:

Increase your lease and increase your Wragby property value

Chances are that if you own a flat in Wragby you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders will not issue a mortgage on a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are encountering difficulties in arranging finance or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are deemed to be inadequate security.

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

Engaging our service will provide you better control over the value of your Wragby leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Wragby Lease Extension Example Cases:

Dexter, Wragby, Lincolnshire,

Dexter owned a conversion apartment in Wragby on the market with a lease of a little over sixty years left. Dexter informally spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £50 per annum. Ordinarily, ground rent would not be payable on a lease extension were Dexter to exercise his statutory right. Dexter obtained expert legal guidance and was able to make a more informed decision and deal with the matter and readily saleable.

Wragby case:

Ms T Flores purchased a basement apartment in Wragby in October 1998. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Comparable residencies in Wragby with an extended lease were in the region of £257,800. The average amount of ground rent was £65 invoiced monthly. The lease ran out in 2091. Taking into account 65 years remaining we approximated the compensation to the landlord to extend the lease to be between £17,100 and £19,800 exclusive of costs.

Wragby case:

Mr and Mrs. H Moreau took over the lease of a garden flat in Wragby in June 1996. The dilemma was if we could estimate the price would be to extend the lease by an additional years. Comparative premises in Wragby with an extended lease were in the region of £191,400. The average amount of ground rent was £55 invoiced every twelve months. The lease elapsed in 2080. Taking into account 54 years as a residual term we approximated the premium to the landlord for the lease extension to be within £34,200 and £39,600 not including costs.