Why you should commence your Wylam lease extension

Main reasons to commence your Wylam lease extension today:

Increase your lease and increase your Wylam property value

Owning a apartment usually means owning a lease of the property, which has a set term of years. The lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Wylam. Clearly, the length of lease left reduces as time goes by. This may pass by relatively unnoticed when the residence has to be sold or refinanced. The fewer the years remaining the less it is worth and the more it will cost to extend the lease. Eligible long lease owners in Wylam have the right to extend the lease for an additional 90 years in accordance with the 1993 Leasehold Reform Act. Please give careful consideration before delaying your Wylam lease extension. Putting off the cost now likely increases the price you will eventually have to pay for a lease extension

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

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to grant a mortgage with a short lease

Most high street banks are making their criteria more stringent and a meaningful number now require flats to have at least 60 if not 70 years remaining at the end of the mortgage. As a number of flats in Wylam were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Wylam?

Engaging our service will provide you enhanced control over the value of your Wylam leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Wylam Lease Extension Case Summaries:

Dylan, Wylam, Northumberland

Last October Dylan, started to get near to the eighty-year mark with the lease on his one bedroom apartment in Wylam. In buying his home two decades ago, the unexpired term was of minimal significance. Fortunately, it dawned on him that he would soon be paying an inflated amount for a lease extension. Dylan arranged for a lease extension at the eleventh hour in September. Dylan and the landlord who owned the flat above ultimately agreed on a premium of £5,000 . If he failed to meet the deadline, the sum would have become more exhorbitant by a minimum £900.

Wylam case:

Ms U Bell owned a first floor apartment in Wylam in January 2003. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Similar flats in Wylam with 100 year plus lease were in the region of £225,800. The average amount of ground rent was £60 billed per annum. The lease elapsed on 12 July 2086. Taking into account 60 years left we approximated the compensation to the freeholder to extend the lease to be between £25,700 and £29,600 exclusive of fees.

Wylam case:

Mrs Victoria Thomas purchased a basement flat in Wylam in October 2007. The question was if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Identical residencies in Wylam with a long lease were in the region of £210,000. The mid-range ground rent payable was £50 invoiced per annum. The lease ran out on 26 April 2106. Considering the 80 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of costs.