Wragby residential property held on a long lease is a depreciating asset as the leaseholder merely owns the property for a set term.
Leasehold residencies in Wragby with more than one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Leeds Building Society | |
| Nationwide Building Society | |
| The Mortgage Works | |
| Virgin |
Lease extensions in Wragby can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor with experience in lease extensions.
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 dealing with Wragby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy negotiations with the freeholder of her purpose-built apartment in Wragby, Amelia started the lease extension process as the 80 year threshold was rapidly approaching. The transaction was finalised in August 2014. The freeholder’s charges were kept to an absolute minimum.
Last Spring we were called by Mr and Mrs. H Parker , who owned a basement flat in Wragby in April 1995. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Comparable properties in Wragby with an extended lease were valued about £208,600. The average amount of ground rent was £60 collected per annum. The lease ended on 19 October 2083. Given that there were 57 years outstanding we calculated the premium to the landlord for the lease extension to be within £30,400 and £35,200 exclusive of expenses.
Mr and Mrs. J Rose took over the lease of a recently refurbished apartment in Wragby in July 2004. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Similar premises in Wragby with an extended lease were worth £200,000. The average ground rent payable was £50 invoiced per annum. The lease concluded on 10 April 2103. Given that there were 77 years left we estimated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of costs.