Top reasons for South Woodford lease extension

Why you should start your South Woodford lease extension today:

A South Woodford lease depreciates with the years remaining on the lease.

South Woodford leases on residential properties are gradually losing value. if your lease has approximately 90 years left, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to be in place before the term of the existing lease dips under 80 years - otherwise a higher premium will be due. Leasehold owners in South Woodford will usually qualify for a lease extension; however a solicitor should be able check your eligibility. In some cases you may not be entitled. There are prescribed deadlines and procedures to comply with once the process is triggered so it’s best to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

Leasehold residencies in South Woodford with over one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Banks and Building Societies may decide not to finance a property with a short lease

Nearly all banks and building societies will not lend on a lease with under seventy years unexpired - although this varies from lender to lender. A buyer will undoubtedly encounter difficulties in obtaining a mortgage and this will result in your South Woodford property becoming difficult to dispose of or to obtain finance on.

Get in touch with one of our South Woodford lease extension solicitors or enfranchisement solicitors

Retaining our service gives you better control over the value of your South Woodford leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

South Woodford Lease Extension Case Studies:

Lauren, South Woodford, North East London,

After unsuccessful discussions with the landlord of her basement apartment in South Woodford, Lauren commenced the lease extension process as the eighty year deadline was quickly coming. The legal work was finalised in June 2005. The freeholder’s fees were kept to an absolute minimum.

South Woodford case:

Dr V Moore completed a studio apartment in South Woodford in July 2005. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Identical properties in South Woodford with 100 year plus lease were in the region of £166,400. The mid-range amount of ground rent was £60 invoiced quarterly. The lease elapsed on 23 September 2080. Taking into account 54 years outstanding we estimated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 plus professional charges.