Why you should commence your Wroxham lease extension

Main reasons to start your Wroxham lease extension today:

Increase your lease and increase your Wroxham property value

The market value of Wroxham leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase significantly once the remaining term is below than 80 years

An extended lease is almost the same value as a freehold

Leasehold residencies in Wroxham with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Banks and Building Societies will not issue a mortgage with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to become jittery at around 75 years. This will cause difficulties as and when you need to dispose of or remortgage your property as it will be effectively unmortgageable. Even though you may not have an immediate plan to sell but when you do your buyer will have to hold off for 2 years before being able to initiate the legal procedures for an extension to the lease.

Why use us for your lease extension in Wroxham?

Irrespective of whether you are a tenant or a freeholder in Wroxham,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Wroxham valuers.

Wroxham Lease Extension Case Studies:

Edward, Wroxham, Norfolk,

Edward was the the leasehold proprietor of a 2 bedroom apartment in Wroxham on the market with a lease of fraction over sixty years outstanding. Edward informally approached his landlord being a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 annually. Ordinarily, ground rent would not be due on a lease extension were Edward to invoke his statutory right. Edward procured expert advice and was able to make a more informed judgement and handle with the matter and readily saleable.

Wroxham case:

Last Autumn we were phoned by Mr Aiden Cook , who was assigned a lease of a one bedroom apartment in Wroxham in September 1995. The dilemma was if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Identical residencies in Wroxham with 100 year plus lease were valued around £166,400. The average ground rent payable was £60 billed every twelve months. The lease ran out in 2080. Considering the 54 years unexpired we calculated the premium to the landlord for the lease extension to be between £32,300 and £37,400 exclusive of professional charges.

Wroxham case:

Last October we were approach by Mr Jude Scott , who was assigned a lease of a one bedroom apartment in Wroxham in July 2003. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by a further 90 years. Similar residencies in Wroxham with 100 year plus lease were valued about £232,800. The mid-range ground rent payable was £45 billed yearly. The lease ran out in 2091. Given that there were 65 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 not including fees.