It’s an underpublicised truth that a South Woodham Ferrers residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the loss of value being disguised by increases in the South Woodham Ferrers property prices.Where your lease has approximately ninety years left, you should start considering a lease extension. If the number of years remaining dips below 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property Most leasehold owners in South Woodham Ferrers will be able to extend under the legislation; however a lawyer will be able to confirm if you are eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the process.
It is conventional wisdom that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Halifax | |
| Nationwide Building Society | |
| The Mortgage Works | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in South Woodham Ferrers can be a difficult process. We recommend you secure guidance from a lawyer and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with South Woodham Ferrers lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to lengthy discussions with the freeholder of her one bedroom flat in South Woodham Ferrers, Rebecca commenced the lease extension process just as her lease was approaching the all-important eighty-year deadline. The legal work was finalised in March 2008. The landlord’s charges were negotiated to slightly above 450 pounds.
Dr Jake Walker completed a purpose-built apartment in South Woodham Ferrers in January 2012. We are asked if we could estimate the premium could be to prolong the lease by ninety years. Comparative homes in South Woodham Ferrers with an extended lease were in the region of £280,000. The mid-range amount of ground rent was £55 collected yearly. The lease elapsed on 8 November 2103. Considering the 77 years unexpired we calculated the premium to the landlord to extend the lease to be between £13,300 and £15,400 not including fees.
Mr and Mrs. B Torres purchased a one bedroom apartment in South Woodham Ferrers in July 2002. We are asked if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Similar flats in South Woodham Ferrers with 100 year plus lease were worth £183,600. The mid-range amount of ground rent was £65 billed per annum. The lease lapsed in 2083. Having 57 years left we approximated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 not including fees.