Top reasons for South Woodford lease extension

Why you should start your South Woodford lease extension today:

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

South Woodford leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. The majority of owners of residential leasehold property in South Woodford enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in South Woodford you should check if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under eighty years, the cost of any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

Leasehold properties in South Woodford with over 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Lenders may not issue a mortgage on a short lease

Lenders do not like short residential leases. You most probably experience difficulties if you need to sell your flat in South Woodford if the unexpired lease term is below the criteria set by most banks and building societies. Different mortgage companies have different criteria but generally theyrequire an unexpired term of at least 65 years.

What makes us experts in South Woodford lease extensions?

The conveyancing solicitors 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:

Harriet, South Woodford, North East London,

Off the back of lengthy discussions with the landlord of her two bedroom apartment in South Woodford, Harriet started the lease extension process just as her lease was approaching the critical eighty-year threshold. The lease extension was concluded in July 2011. The freeholder’s charges were negotiated to under 600 pounds.

South Woodford case:

Last Summer we were e-mailed by Dr F Scott , who purchased a purpose-built apartment in South Woodford in January 2012. We are asked if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Identical properties in South Woodford with 100 year plus lease were in the region of £200,800. The mid-range ground rent payable was £65 billed yearly. The lease expired on 28 June 2086. Given that there were 60 years as a residual term we estimated the premium to the landlord to extend the lease to be between £20,900 and £24,200 not including expenses.