Main reasons to commence your Werrington lease extension

Top reasons for lease extension now:

Increase your lease and increase your Werrington property value

It’s a harsh certainty that a Werrington residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Werrington property market.Once your lease gets to 85ish years, you need to start thinking about a lease extension. If lease term falls under 80 years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property The majority of flat owners in Werrington will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm if you qualify for an extension. In some situations you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process is initiated and you will need to be guided by your lawyer from beginning to end of the formalities.

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

Leasehold properties in Werrington with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Mortgage lenders will not lend with a short lease

Almost all banks and building societies will be unwilling to grant a mortgage on a lease with less than seventy years remaining - although this varies from lender to lender. A buyer will no doubt encounter difficulties to obtain a mortgage and this could result in your Werrington property being difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Werrington?

Irrespective of whether you are a tenant or a landlord in Werrington,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 Werrington valuers.

Werrington Lease Extension Example Cases:

Nicole, Werrington, Cambridgeshire,

Subsequent to unsuccessful negotiations with the landlord of her first floor flat in Werrington, Nicole started the lease extension process as the eighty year mark was swiftly nearing. The legal work completed in October 2006. The landlord’s charges were negotiated to slightly above 450 pounds.

Werrington case:

In 2010 we were e-mailed by Ms F Clarke who, having purchased a studio flat in Werrington in November 2001. We are asked if we could estimate the price could be for a ninety year extension to my lease. Identical homes in Werrington with 100 year plus lease were valued around £295,000. The mid-range ground rent payable was £50 collected per annum. The lease came to a finish in 2101. Having 75 years as a residual term we calculated the premium to the landlord for the lease extension to be within £8,600 and £9,800 plus costs.

Werrington case:

In 2012 we were contacted by Mr and Mrs. O Baker who, having acquired a basement apartment in Werrington in May 1998. We are asked if we could approximate the price would likely be for a ninety year lease extension. Comparable premises in Werrington with an extended lease were valued about £250,400. The average ground rent payable was £65 billed yearly. The lease ended on 15 March 2090. Considering the 64 years left we approximated the premium to the landlord to extend the lease to be within £19,000 and £22,000 plus fees.