Unfortunately that a Woburn Sands residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Woburn Sands property market.Once your lease gets to 85ish years, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls below eighty years - otherwise a higher premium will be due. The majority of flat owners in Woburn Sands will be able to extend under the legislation; however a lawyer will be able to confirm whether you are eligibility. In some cases you may not qualify. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your lawyer throughout the process.
It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Royal Bank of Scotland | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Woburn Sands can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer with experience in this area.
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 procuring Woburn Sands lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Spring Ollie, came critically near to the 80-year mark with the lease on his garden apartment in Woburn Sands. Having purchased his property two decades ago, the length of the lease was of minimal relevance. Fortunately, he noticed he would imminently be paying way over the odds for a lease extension. Ollie extended the lease just under the wire last June. Ollie and the landlord eventually settled on an amount of £5,000 . If the lease had gone to less than eighty years, the premium would have become more exhorbitant by a minimum £925.
In 2011 we were phoned by Mr Jason García who, having was assigned a lease of a recently refurbished apartment in Woburn Sands in September 2006. We are asked if we could estimate the compensation to the landlord would be for a 90 year lease extension. Similar flats in Woburn Sands with an extended lease were in the region of £275,000. The mid-range ground rent payable was £55 billed quarterly. The lease ended on 28 April 2102. Taking into account 76 years outstanding we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including costs.
Ms Lydia Lee moved into a garden apartment in Woburn Sands in August 2000. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Similar properties in Woburn Sands with an extended lease were worth £176,200. The mid-range ground rent payable was £65 collected every twelve months. The lease ended in 2082. Having 56 years remaining we estimated the compensation to the freeholder to extend the lease to be between £29,500 and £34,000 exclusive of legals.