Why you should start your Wickford lease extension

Main reasons to commence your Wickford lease extension today:

A Wickford leasehold property depreciates with the years remaining on the lease.

Wickford leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Wickford residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Wickford you must check if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under 80 years, the cost of any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

Wickford property with a lease extension is almost the same value as a freehold

Leasehold premises in Wickford with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Lenders may not finance a property on a short lease

Banks and building societies are tightening their criteria and a meaningful number now require flats to have at least 60 if not 70 years left once the mortgage has expired. Considering a number of flats in Wickford were built 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 Wickford?

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

Wickford Lease Extension Example Cases:

Toby, Wickford, Essex

14 months ago Toby, came perilously near to the eighty-year threshold with the lease on his garden flat in Wickford. In buying his property twenty years previously, the length of the lease was of minimal relevance. by good luck, he became aware that he needed to take action soon on a lease extension. Toby arranged for a lease extension at the eleventh hour last June. Toby and the landlord ultimately agreed on sum of £6,000 . If the lease had gone to less than 80 years, the figure would have become more exhorbitant by a minimum £1,000.

Wickford case:

Last June we were approach by Mr K Stewart , who took over the lease of a one bedroom apartment in Wickford in November 2008. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparative premises in Wickford with 100 year plus lease were worth £260,200. The mid-range amount of ground rent was £65 collected quarterly. The lease ran out on 15 October 2092. Considering the 66 years remaining we estimated the premium to the freeholder for the lease extension to be between £16,200 and £18,600 not including costs.

Wickford case:

In 2012 we were approached by Mr and Mrs. P Peterson who, having was assigned a lease of a newly refurbished flat in Wickford in June 1996. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Comparative premises in Wickford with a long lease were in the region of £198,800. The mid-range ground rent payable was £55 invoiced per annum. The lease terminated in 2081. Considering the 55 years unexpired we estimated the premium to the landlord to extend the lease to be between £33,300 and £38,400 exclusive of expenses.