Why you should commence your Wrington lease extension

Why you should commence your Wrington lease extension today:

Increase your lease and increase your Wrington property value

Wrington leases on residential properties are gradually losing value. Where your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. If lease term is less than 80 years, you will then have to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Wrington will mostly qualify for a lease extension; however a solicitor should be able confirm if you qualify. In some circumstances you may not qualify. There are also strict timetables and procedures to comply with once the process is triggered so it’s wise to be guided by a conveyancing solicitor during the process.

Wrington property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to finance a property with a short lease

Banks and building societies are tightening their criteria and a meaningful number now want flats to have a minimum of 60 if not 70 years left once the mortgage has expired. Given that a number of flats in Wrington were built in the fifties, sixties and seventies as a result many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Wrington?

Lease extensions in Wrington can be a difficult process. We recommend you obtain 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 dealing with Wrington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Wrington Lease Extension Example Cases:

Caitlin, Wrington, North Somerset,

Trailing lengthy discussions with the landlord of her garden apartment in Wrington, Caitlin started the lease extension process as the 80 year threshold was swiftly approaching. The lease extension completed in November 2008. The landlord’s fees were kept to an absolute minimum.

Wrington case:

Last Summer we were approach by Mr H Mason , who owned a first floor flat in Wrington in February 1999. The dilemma was if we could estimate the price would likely be to extend the lease by ninety years. Comparative flats in Wrington with an extended lease were worth £275,000. The average amount of ground rent was £65 invoiced monthly. The lease concluded in 2094. Having 68 years left we calculated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 not including costs.

Wrington case:

Dr Finn Norbert purchased a basement flat in Wrington in January 2007. We are asked if we could shed any light on how much (approximately) premium would likely be to prolong the lease by a further 90 years. Comparable homes in Wrington with an extended lease were worth £208,600. The mid-range amount of ground rent was £60 invoiced monthly. The lease concluded on 7 August 2083. Considering the 57 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 exclusive of professional charges.