Top reasons for Woburn Sands lease extension

Why you should start your Woburn Sands lease extension today:

A Woburn Sands lease depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Woburn Sands you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold residencies in Woburn Sands with over one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies may decide not to loan monies on a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to get jittery at around 75 years. This will be problematic once you need to market or remortgage your flat as it will be effectively unmortgageable. Even though you may have no immediate plan to sell but when you do your buyer will need to hold off for 2 years before they can start the legal procedures for an extension to the lease.

Get in touch with one of our Woburn Sands lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a landlord in Woburn Sands,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Woburn Sands valuers.

Woburn Sands Lease Extension Example Cases:

Morgan, Woburn Sands, Buckinghamshire,

In the wake of 9 months of protracted discussions with the freeholder of her purpose-built flat in Woburn Sands, Morgan commenced the lease extension process just as her lease was approaching the critical eighty-year deadline. The lease extension was finalised in February 2009. The freeholder’s charges were kept to an absolute minimum.

Woburn Sands case:

Last year we were approach by Mr Ollie Cox , who completed a one bedroom flat in Woburn Sands in November 2007. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Similar homes in Woburn Sands with 100 year plus lease were in the region of £200,800. The average ground rent payable was £65 collected yearly. The lease came to a finish on 10 November 2086. Having 60 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £20,900 and £24,200 not including costs.

Woburn Sands case:

Mr and Mrs. M Collins bought a studio flat in Woburn Sands in February 1997. The question was if we could estimate the price would be for a 90 year lease extension. Identical properties in Woburn Sands with a long lease were worth £255,000. The average ground rent payable was £50 invoiced per annum. The lease elapsed in 2097. Considering the 71 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of legals.