Stop! Your Lease Extension in South Woodford Could Be FREE

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Many leaseholders in South Woodford are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in South Woodford has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to start your South Woodford lease extension

Top reasons for lease extension now:

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

There is no doubt about it a leasehold flat or house in South Woodford is a wasting asset as a result of the shortening lease. Where the lease has, more than 99 years to run then this decrease may be fractional nevertheless there will become a stage when a lease has less than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should extend the lease sooner as opposed to later. Many flat owners in South Woodford will qualify for this right; however a conveyancer should be able to advise if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

Leasehold residencies in South Woodford with more than one hundred years outstanding on the lease are often regarded as a ‘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 freehold unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may decide not to loan monies on a short lease

Mortgage companies do not like short residential leases. You most probably experience difficulties if you wish to sell your flat in South Woodford if the unexpired term of your lease is under the criteria set by most mortgage companies. Different mortgage companies have different criteria but generally they are looking for a minimum remaining lease term of 65 years.

Lender Requirement
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in South Woodford?

Engaging our service will provide you increased control over the value of your South Woodford leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

South Woodford Lease Extension Example Cases:

Tia, South Woodford, North East London,

In the wake of 9 months of lengthy discussions with the landlord of her first floor flat in South Woodford, Tia started the lease extension process as the eighty year deadline was swiftly approaching. The lease extension was concluded in August 2007. The freeholder’s fees were restricted to under 450 GBP.

South Woodford case:

Mr and Mrs. N Lambert completed a recently refurbished apartment in South Woodford in October 2007. The dilemma was if we could estimate the premium would likely be for a ninety year extension to my lease. Comparative properties in South Woodford with an extended lease were in the region of £245,000. The average amount of ground rent was £45 collected every twelve months. The lease ended in 2094. Considering the 68 years left we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of legals.

Decision in Redbridge

An example of a Lease Extension decision for a South Woodford flat is 135 Maybank Road in January 2013. The Tribunal determined that the price to be paid by the tenants for the grant of a new lease is £10,592 This case affected 1 flat. The unexpired lease term was 71.2 years.