Why you should start your Wycombe Marsh lease extension

Why you should commence your Wycombe Marsh lease extension today:

A Wycombe Marsh lease depreciates with the years remaining on the lease.

Chances are that where you own a flat in Wycombe Marsh you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Wycombe Marsh with in excess of one hundred years remaining 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 property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not lend with a short lease

Banks and building societies do not like short residential leases. You are likely to experience difficulties where you need to sell your flat in Wycombe Marsh if the unexpired term of your lease is below the criteria set by most mortgage companies. Different mortgage companies have varying criteria but on the whole theyrequire an unexpired term of at least seventy years.

Why use us for your lease extension in Wycombe Marsh?

Regardless of whether you are a tenant or a freeholder in Wycombe Marsh,the lease extension lawyers 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 Wycombe Marsh valuers.

Wycombe Marsh Lease Extension Case Studies:

Georgina, Wycombe Marsh, Buckinghamshire,

Off the back of unsuccessful correspondence with the landlord of her first floor apartment in Wycombe Marsh, Georgina commenced the lease extension process as the eighty year threshold was rapidly approaching. The transaction was finalised in February 2010. The freeholder’s costs were kept to an absolute minimum.

Wycombe Marsh case:

Mr C Davies completed a one bedroom flat in Wycombe Marsh in June 1996. We are asked if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Comparative flats in Wycombe Marsh with an extended lease were worth £186,000. The average ground rent payable was £65 collected annually. The lease concluded in 2084. Having 58 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £24,700 and £28,600 exclusive of professional charges.

Wycombe Marsh case:

Dr R Dupont bought a one bedroom apartment in Wycombe Marsh in January 1997. The question was if we could approximate the compensation to the landlord would be to prolong the lease by 90 years. Comparative premises in Wycombe Marsh with a long lease were worth £250,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease expired on 26 February 2095. Considering the 69 years unexpired we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus expenses.