Top reasons for South Woodford lease extension

Why you should commence your South Woodford lease extension today:

Increase your lease and increase your South Woodford property value

There is no doubt about it a leasehold property in South Woodford is a wasting asset as a result of the shortening lease. If the lease has, in excess of 99 years remaining then this decrease may be of little impact nevertheless there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary reason why you should consider extending without delay. Many flat owners in South Woodford will meet the qualifying criteria; nevertheless a lawyer can advise whether you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

South Woodford property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years in the future.

Lending institutions may not lend with a short lease

Most banks and building societies insist on a lengthy amount of time left on any leasehold residence before they will consider it as adequate security. Regardless of whether you need a mortgage, you should be mindful that it is probable that someone wanting to acquire your property in the future might well do, so where they are not able to secure a mortgage, then the financial worth of the property could suffer. Since 2008 many banks and building societies have increased the required minimum lease length that they are prepared to lend on

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

The lawyers that we work with undertake South Woodford lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

South Woodford Lease Extension Case Studies:

Finley, South Woodford, North East London

In 2014 Finley, started to get close to the eighty-year threshold with the lease on his leasehold flat in South Woodford. Having bought his property two decades ago, the unexpired term was of no importance. Luckily, it dawned on him that he needed to take steps soon on Extending the lease. Finley arranged for a lease extension just ahead of time last September. Finley and the landlord who owned the flat above eventually agreed on an amount of £6,000 . If the lease had descended to less than eighty years, the premium would have increased by a minimum £925.

South Woodford case:

Last Winter we were approach by Dr R Bell , who owned a garden apartment in South Woodford in February 1999. We are asked if we could approximate the price would be for a ninety year extension to my lease. Identical residencies in South Woodford with 100 year plus lease were in the region of £191,000. The mid-range amount of ground rent was £65 invoiced quarterly. The lease came to a finish in 2084. Having 58 years unexpired we estimated the premium to the landlord for the lease extension to be within £23,800 and £27,400 plus legals.