South Woodham Ferrers leases on residential properties are gradually losing value. Where your lease has approximately 90 years left, you should start thinking about a lease extension. If lease term falls under eighty years, you will then have to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in South Woodham Ferrers will usually qualify for a lease extension; however a solicitor will confirm if you qualify. In certain circumstances you may not qualify. There are prescribed timetables and steps to follow once the process has started so it’s prudent to be guided by a lawyer during the process.
Leasehold residencies in South Woodham Ferrers with over 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| National Westminster Bank | |
| Santander | |
| Yorkshire Building Society |
The conveyancing solicitors that we work with procure South Woodham Ferrers 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.
Eliot was the the leasehold proprietor of a studio flat in South Woodham Ferrers being marketed with a lease of just over 72 years unexpired. Eliot informally spoke with his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Eliot to exercise his statutory right. Eliot procured expert legal guidance and secured an acceptable resolution without resorting to tribunal and ending up with a market value flat.
Mr Rory Hill acquired a garden flat in South Woodham Ferrers in June 2003. The dilemma was if we could approximate the price could be for a 90 year lease extension. Comparative premises in South Woodham Ferrers with an extended lease were in the region of £232,800. The average amount of ground rent was £45 invoiced monthly. The lease expired in 2091. Having 65 years remaining we approximated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of costs.
Dr N Laurent bought a first floor flat in South Woodham Ferrers in March 2004. The dilemma was if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Identical properties in South Woodham Ferrers with 100 year plus lease were worth £275,000. The average amount of ground rent was £55 invoiced per annum. The lease ran out on 25 April 2102. Taking into account 76 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including professional charges.