Wolverhampton Lease Extensions

Living in Wolverhampton:

Lying northwest of its larger neighbour, Birmingham, is the city of Wolverhampton. Its name, harking back to the Anglo-Saxon era as ‘Wulfrūnehēantūn,’ is a tribute to the Mercian noblewoman ‘Wulfrun’ who owned land here in 985. To honour her, a statue of Lady Wulfrun graces the steps of St. Peter’s Church.

In the Domesday Book of 1086, Wolverhampton was already recognised as a large settlement of fifty households. As the years passed, its wool trade and metal industries propelled the city’s growth. However, it wasn’t until the year 2000 that Wolverhampton was finally granted city status and became one of the three ‘Millenium Cities’.

Housing in this area includes many post-war semi-detached homes, newly built flats and stunning period properties. If you own a leasehold property in Wolverhampton, this guide will provide all the information you need to extend your lease in this vibrant city.

• Population of Wolverhampton: Based on data from the Office for National Statistics, the population of Wolverhampton, as recorded in the 2021 census, was approximately 263,700.
• Average House Price: Properties in Wolverhampton had an overall average price of £224,217 over the last year (Rightmove).
• Areas in Wolverhampton: Bilston East, Bilston North, Blakenhall, Bushbury North, Bushbury South and Low Hill, East Park, Ettingshall, Fallings Park, Graiseley, Heath Town, Merry Hill, Oxley, Park, Penn, Spring Vale, St Peter’s, Tettenhall Regis, Tettenhall Wightwick, Wednesfield North.
• Local Authority: The local authority of Wolverhampton is the City of Wolverhampton Council.

Lease Extensions in Wolverhampton

If you’re a leaseholder in the Wolverhampton region, you have a statutory right to extend your lease by an additional 90 years. There are two ways to gain a lease extension: the informal (voluntary) route or the formal (statutory) route.

The ‘Leaseholders‘ section on the City of Wolverhampton Council website doesn’t provide much information about their preferred way to extend leases. However, we would vouch for the statutory route if you have owned your property for at least two years. This procedure will give you substantial protection under the Leasehold Reform, Housing and Urban Development Act 1993.

With the LEC, you will also receive the help of a skilled surveyor and experienced solicitor to negotiate the cheapest premium and fairest lease terms for your property. If you’re curious about our previous results, please see our excellent record of case studies.

The Lease Extension Process

Look below for an overview of a typical statutory lease extension procedure.

• Eligibility Check
• Valuation
• Serving the Section 42 Notice
• Receipt of the Section 45 Counter Offer
• Negotiation
• Agreement of Terms
• Registration of your new lease

Please visit our ‘How Long Will My Lease Take?’ article for further details.

Serving the Section 42 Tenant’s Notice

Before your Section 42 notice is drafted, one of our firms of specialist chartered surveyors will value your property for the purpose of the lease extension and identify the likely ‘premium’ (the price of your lease extension) you will pay your freeholder.

Identifying Your Competent Landlord

Our specialist solicitors will also identify the ‘competent landlord’ whose interest in the property is long enough to grant your 90-year lease extension.

Sometimes, this will be the direct landlord or housing management to whom you pay your service charge or ground rent. However, the competent landlord is often the freeholder of the building.

The Leasehold Reform Housing and Urban Development Act 1993 requires leaseholders to serve a Tenant’s Notice (Section 42 notice) on the ‘competent landlord’.

The Section 42 notice commences the lease extension and must include specific legal information. This is a technical legal notice, and it must be correctly drafted and validated to ensure your lease extension is deemed valid.

At The Lease Extension Company, we work with specialist legal firms in this specific area of law, ensuring that your notice is drafted and reviewed by leading experts in this field. The Section 42 notice will be sent to you for approval before it is forwarded to the solicitors, who will serve the notice to the Freeholder on your behalf.

Key Freeholders in Wolverhampton:

The City of Wolverhampton Council owns approximately 22,000 council homes managed by four Managing Agents. One of the following agents may act as your competent landlord:

• Bushbury Hill Estate Management Board
• Dovecotes Tenant Management Organisation
• New Park Village Tenant Management Cooperative
• Wolverhampton Homes

Several housing associations are listed on the council’s ‘Apply for housing with other registered providers’ webpage, and shared ownership opportunities are offered by providers such as WV Living. In some cases, these organisations may act as your landlord.

Please be aware that shared ownership leaseholders will only qualify for the statutory right to extend their lease if they have ‘staircased’ up to 100% ownership.

Finding Your Freeholder:

Your Freeholder will be listed in your lease document. If you do not have your original lease document, you can request a copy from the HM Land Registry for a small fee. As a client of the LEC, we would be happy to arrange this on your behalf.

How Much Will Your Lease Extension Cost?

Lease extension premiums vary from property to property because they are based on individual factors, including the following:

• The value of your property.
• The amount of ground rent and how much it increases over time.
• The number of years remaining on your lease.

Your costs can also depend on the route to obtain your lease extension.

• Informal Lease Extensions: Costs are determined and agreed upon directly with your freeholder.
• Statutory Lease Extensions: You are responsible for the valuation and legal costs of both you and your freeholder, plus the premium for the additional years on your lease.

Are you curious about your expenses? Use our handy Lease Extension Calculator tool to estimate your premium.

About Our Simple Fixed Fee Service

At The Lease Extension Company, we take a fuss-free approach to this complex area of property law. To do this, we’ll develop a detailed plan covering all stages, legal requirements and expected costs, which we combine into one straightforward fixed fee so you know what to expect from the beginning.

You’ll also receive the guidance of an experienced surveyor and solicitor to guarantee you’re not paying a penny more for your premium than necessary.

Initiate Your Wolverhampton Lease Extension Today.

The combination of our legal expertise and local knowledge of your area means we can deliver the fairest premium and lease extension for your property.

Start today by getting a quote or arranging a free consultation with our team. Simply fill out our online form, call us on 0800 098 2770 or email [email protected]. We look forward to hearing from you!