Unfortunately that a Woburn Sands residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the first few years due to the reduction being disguised by increases in the Woburn Sands property prices.Once your lease gets to 85ish years, you need to start considering a lease extension. If the number of years remaining slips under eighty years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property The majority of leasehold owners in Woburn Sands will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm if you qualify for an extension. In some situations you may not qualify. There are also strict timeframes and procedures to follow once the process is instigated and you will need to be guided by your conveyancing solicitor throughout the formalities.
It is generally accepted that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| Halifax | |
| Nationwide Building Society | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Woburn Sands can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer 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 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.
Following lengthy discussions with the landlord of her purpose-built apartment in Woburn Sands, Naomi initiated the lease extension process just as her lease was coming close to the crucial eighty-year threshold. The lease extension was concluded in June 2010. The landlord’s fees were kept to an absolute minimum.
In 2014 we were approached by Mr Jayden Thomas who, having purchased a garden flat in Woburn Sands in April 2012. The dilemma was if we could shed any light on how much (approximately) premium would likely be to extend the lease by a further 90 years. Identical homes in Woburn Sands with 100 year plus lease were in the region of £285,000. The mid-range ground rent payable was £55 collected yearly. The lease ran out in 2106. Considering the 80 years unexpired we approximated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of professional charges.
In 2014 we were e-mailed by Mr and Mrs. N Wilson who, having moved into a ground floor apartment in Woburn Sands in March 2005. The question was if we could estimate the premium could be to prolong the lease by a further 90 years. Comparative residencies in Woburn Sands with a long lease were in the region of £200,800. The mid-range amount of ground rent was £65 collected yearly. The lease lapsed in 2086. Considering the 60 years remaining we approximated the compensation to the landlord to extend the lease to be within £20,900 and £24,200 exclusive of costs.