Stop! Your Lease Extension in South Woodford Could Be FREE

Get a Free Case Review
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 lease depreciates with the years remaining on the lease.

The closer a residential lease in South Woodford gets to zero years unexpired, the more it reduces the value of the property. Where the residual term has, in excess of one hundred years remaining then this decrease may be of little impact however there will become a point in time when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main reason why you should consider extending sooner as opposed to later. Most flat owners in South Woodford will meet the qualifying criteria; nevertheless a lawyer can confirm if 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 is almost the same value as a freehold

It is generally considered that a property with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not finance a property on a short lease

Mortgage Lenders are distinct in their lending criteria. Some set the bar at 75 years remaining on the lease; others may be prepared to lend with anything with more than 70 years. Below sixty years, it may be difficult to obtain a mortgage at all.

Lender Requirement
Accord Mortgages 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.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

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

Using our service gives you enhanced control over the value of your South Woodford leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancing solicitors 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:

Emily, South Woodford, North East London,

After protracted negotiations with the landlord of her basement apartment in South Woodford, Emily initiated the lease extension process just as the lease was approaching the critical 80-year mark. The transaction completed in July 2015. The landlord’s charges were negotiated to a tad over 600 GBP.

South Woodford case:

Last month we were called by Ms Hollie Bailey , who completed a first floor flat in South Woodford in November 2006. The dilemma was if we could approximate the premium would be for a ninety year lease extension. Identical flats in South Woodford with 100 year plus lease were worth £183,600. The average amount of ground rent was £65 invoiced per annum. The lease ended in 2083. Having 57 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 not including professional charges.

Decision in Redbridge

An example of a Lease Extension decision for a South Woodford property 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 was in relation to 1 flat. The remaining number of years on the lease was 71.2 years.