Top reasons for Wymondham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Wymondham property value

The value of Wymondham 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 materialy once the unexpired lease term is less than eighty years

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

Leasehold premises in Wymondham with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lending institutions may not grant a mortgage with a short lease

Lenders are making their criteria more stringent and many now require flats to have a minimum of sixty if not seventy years remaining at the expiry of the mortgage. Given that many flats in Wymondham were created in the fifties, sixties and seventies as a result many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Wymondham lease extensions?

Engaging our service gives you enhanced control over the value of your Wymondham leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Wymondham Lease Extension Example Cases:

Liam, Wymondham, Norfolk,

Liam was the the leasehold owner of a 2 bedroom flat in Wymondham on the market with a lease of fraction over 72 years remaining. Liam informally spoke with his landlord a well known London-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Liam to exercise his statutory right. Liam obtained expert advice and secured an acceptable deal informally and readily saleable.

Wymondham case:

Ms O Lefebvre acquired a studio apartment in Wymondham in February 2007. The dilemma was if we could approximate the premium would be to extend the lease by ninety years. Similar flats in Wymondham with an extended lease were valued around £210,000. The average ground rent payable was £50 billed annually. The lease lapsed in 2106. Having 80 years left we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus professional charges.

Wymondham case:

Last Summer we were phoned by Dr Jennifer David , who took over the lease of a purpose-built apartment in Wymondham in September 2004. We are asked if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparative homes in Wymondham with a long lease were in the region of £275,000. The mid-range ground rent payable was £45 collected quarterly. The lease expiry date was in 2095. Given that there were 69 years outstanding we calculated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including expenses.