Why you should commence your Wickford lease extension
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Why you should start your Wickford lease extension today: </h3>
<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/wickford">Wickford</a> leasehold property depreciates with the years remaining on the lease.
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<p> On the balance of probabilities if you own a flat in Wickford you actually own a long leasehold interest over your property
<h4>Wickford property with a lease extension is almost the same value as a freehold</h4>
<p> It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.
<h4>Lenders may decide not to loan monies on a short lease</h4> Mortgage companies are tightening their criteria and a meaningful number now expect flats to have a minimum of sixty if not seventy years left at the expiry of the mortgage. As plenty of flats in Wickford were built in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.
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<th> Requirement
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<td>Bank of Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Leeds Building Society</td>
<td> 85 years remaining from the start of the mortgage.
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<td>National Westminster Bank</td>
<td> Mortgage term plus 30 years.<br /><br />For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
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<td>Skipton Building Society</td>
<td> 85 years from the date of completion of the mortgage<br /><br />For Buy to Let cases:<br />- lettings must not breach any of the lessee’s covenants; and<br />- consent of the lessor to lettings must be obtained if necessary
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<td>Royal Bank of Scotland</td>
<td> Mortgage term plus 30 years.
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What makes us experts in Wickford lease extensions?
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<p> Irrespective of whether you are a tenant or a landlord in Wickford,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Wickford valuers.
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Wickford Lease Extension Case Summaries:
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<h5> Danielle, Wickford, Essex,</h5>
<p> Subsequent to protracted correspondence with the freeholder of her studio flat in Wickford, Danielle started the lease extension process just as her lease was approaching the all-important 80-year threshold. The legal work was finalised in May 2006. The freeholder’s costs were kept to an absolute minimum.
<h5>Wickford case:</h5>
<p> Mr and Mrs. V Taylor was assigned a lease of a purpose-built flat in Wickford in October 1998. The question was if we could shed any light on how much (roughly) price would likely be for a ninety year lease extension. Comparative flats in Wickford with 100 year plus lease were in the region of £210,000. The average amount of ground rent was £50 invoiced yearly. The lease concluded on 6 September 2106. Taking into account 80 years left we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of fees.
<h5>Wickford case:</h5>
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Last January we were approach by Ms Hannah Martinez , who
bought a ground floor apartment in Wickford in July 2004. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by a further 90 years. Comparative premises in Wickford with 100 year plus lease were valued about £275,000. The average amount of ground rent was £45 billed per annum. The lease elapsed on 10 October 2095. Having 69 years remaining we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of fees.
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