Why you should commence your Woburn Sands lease extension

Top reasons for lease extension now:

Increase your lease and increase your Woburn Sands property value

The only way is down when it comes to Woburn Sands lease terms. Woburn Sands properties that have a remaining term lower than eighty years will reduce in market price even faster, and the cost to extend your lease will increase.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders may decide not to grant a mortgage on a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now expect flats to have at least 60 if not 70 years left at the end of the mortgage. Considering a number of flats in Woburn Sands were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Woburn Sands lease extensions?

Lease extensions in Woburn Sands can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor with experience in lease extensions.

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.

Woburn Sands Lease Extension Example Cases:

Henry, Woburn Sands, Buckinghamshire

Half a year ago Henry, started to get close to the eighty-year mark with the lease on his purpose- built flat in Woburn Sands. Having purchased his flat 19 years previously, the lease term was of no significance. Luckily, he became aware that he needed to take steps soon on Extending the lease. Henry extended the lease at the eleventh hour last April. Henry and the freeholder ultimately settled on a premium of £5,500 . If he failed to meet the deadline, the sum would have become more costly by a minimum £925.

Woburn Sands case:

Last Christmas we were e-mailed by Mrs Chantelle Rose , who took over the lease of a first floor apartment in Woburn Sands in April 2010. The dilemma was if we could shed any light on how much (approximately) premium would be for a ninety year lease extension. Similar homes in Woburn Sands with a long lease were worth £225,400. The average amount of ground rent was £45 billed monthly. The lease ended in 2090. Considering the 64 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £16,200 and £18,600 plus legals.

Woburn Sands case:

Last Christmas we were called by Mr and Mrs. F Turner , who acquired a ground floor flat in Woburn Sands in November 2002. We are asked if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Comparative properties in Woburn Sands with a long lease were in the region of £270,000. The average amount of ground rent was £55 invoiced annually. The lease terminated on 4 February 2101. Having 75 years remaining we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including legals.