Top reasons for South Woodford lease extension

Main reasons to commence your South Woodford lease extension today:

Increase your lease and increase your South Woodford property value

Chances are that if you own a flat in South Woodford you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lenders may not issue a mortgage on a short lease

Nearly all banks and building societies insist on a lengthy amount of time remaining on any leasehold property before they will consider providing a mortgage on it. Even if you don't need a mortgage, you should bear in mind that it is reasonable to assume that someone wanting to buy your property in the future might well do, so in the event that they are unable to obtain a mortgage, then the value of the property could suffer. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are prepared to accept

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 conveyancer we work with provide it.

South Woodford Lease Extension Case Studies:

Mia, South Woodford, North East London,

In the wake of 6 months of lengthy correspondence with the freeholder of her purpose-built apartment in South Woodford, Mia started the lease extension process just as the lease was approaching the crucial eighty-year threshold. The legal work was finalised in October 2009. The landlord’s costs were kept to an absolute minimum.

South Woodford case:

In 2013 we were approached by Mrs Shannon Allen who, having acquired a one bedroom apartment in South Woodford in September 1999. The question was if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Identical residencies in South Woodford with a long lease were worth £280,000. The mid-range ground rent payable was £55 invoiced monthly. The lease elapsed in 2103. Taking into account 77 years unexpired we estimated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 plus costs.