Wraysbury leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Wraysbury tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Wraysbury you should investigate if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value
It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Halifax | |
| Leeds Building Society | |
| TSB | |
| The Mortgage Works |
Lease extensions in Wraysbury can be a difficult process. We recommend you get professional help from a lawyer and valuer with experience in this area.
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 Wraysbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Daniel owned a conversion flat in Wraysbury being sold with a lease of fraction over fifty eight years unexpired. Daniel informally spoke with his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent initially set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Daniel to invoke his statutory right. Daniel obtained expert legal guidance and was able to make an informed judgement and handle with the matter and readily saleable.
Last year we were approach by Mr Jack Wright , who purchased a purpose-built flat in Wraysbury in October 2005. The dilemma was if we could approximate the premium would be to prolong the lease by 90 years. Comparative homes in Wraysbury with an extended lease were worth £176,200. The mid-range amount of ground rent was £65 billed yearly. The lease expired on 3 August 2082. Considering the 56 years remaining we approximated the compensation to the landlord to extend the lease to be between £29,500 and £34,000 plus costs.
Mr and Mrs. S Edwards was assigned a lease of a garden flat in Wraysbury in September 2006. The dilemma was if we could estimate the compensation to the landlord could be to extend the lease by an additional years. Identical homes in Wraysbury with 100 year plus lease were valued about £237,600. The average amount of ground rent was £45 collected monthly. The lease elapsed on 3 July 2093. Taking into account 67 years unexpired we approximated the premium to the landlord to extend the lease to be within £11,400 and £13,200 plus expenses.