Main reasons to start your Wroughton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Wroughton property value

There is no doubt about it a leasehold property in Wroughton is a wasting asset as a result of the shortening lease. Where the lease has, over one hundred years to run then this decrease may be fractional that being said there will become a stage when a lease has less than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main reason why you should extend the lease without delay. Most flat owners in Wroughton will meet the qualifying criteria; however a conveyancer will be able to confirm if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

Wroughton property with a lease extension is almost the same value as a freehold

Leasehold residencies in Wroughton with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions may decide not to issue a mortgage on a short lease

Most high street banks are tightening their criteria and a meaningful number now expect flats to have at least sixty if not seventy years remaining once the mortgage has expired. Considering a number of flats in Wroughton were created in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to get a mortgage.

Why use us for your lease extension in Wroughton?

The lawyers that we work with undertake Wroughton lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Wroughton Lease Extension Example Cases:

Harvey, Wroughton, Wiltshire

During the course of the last few months Harvey, came precariously near to the eighty-year threshold with the lease on his purpose- built apartment in Wroughton. In buying his home 19 years previously, the lease term was of no concern. Luckily, he noticed he would imminently be paying an inflated amount for a lease extension. Harvey arranged for a lease extension at the eleventh hour in August. Harvey and the freeholder via the managing agents ultimately agreed on the final figure of £5,500 . If the lease had descended lower than 80 years, the price would have escalated by a minimum £1,025.

Wroughton case:

Mr O Garcia bought a basement apartment in Wroughton in October 2007. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Similar properties in Wroughton with a long lease were in the region of £168,800. The average amount of ground rent was £60 collected monthly. The lease terminated on 19 September 2081. Given that there were 55 years remaining we approximated the premium to the landlord to extend the lease to be within £31,400 and £36,200 not including expenses.

Wroughton case:

Last Christmas we were approach by Mr I Martínez , who bought a studio flat in Wroughton in March 1997. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by an additional years. Comparable properties in Wroughton with a long lease were valued about £235,200. The average amount of ground rent was £45 invoiced per annum. The lease concluded in 2092. Considering the 66 years outstanding we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus fees.