Why you should commence your Woburn Sands lease extension

Main reasons to start your Woburn Sands lease extension today:

Increase your lease and increase your Woburn Sands property value

For those whose Woburn Sands flat is held on a long lease, the message is clear – if you do nothing, the property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease.

Woburn Sands property with a lease extension is almost the same value as a freehold

Leasehold premises in Woburn Sands with more than 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Banks and Building Societies may not finance a property on a short lease

Banks and building societies are making their criteria more stringent and many now want flats to have a minimum of sixty if not seventy years remaining at the expiry of the mortgage. Considering a number of flats in Woburn Sands were created in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

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

Retaining our service will provide you better control over the value of your Woburn Sands leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Woburn Sands Lease Extension Case Studies:

Alicia, Woburn Sands, Buckinghamshire,

Off the back of protracted correspondence with the landlord of her garden flat in Woburn Sands, Alicia commenced the lease extension process as the 80 year threshold was quickly nearing. The legal work was finalised in September 2011. The freeholder’s charges were restricted to under 500 pounds.

Woburn Sands case:

Mr and Mrs. H Rogers was assigned a lease of a studio flat in Woburn Sands in September 2007. We are asked if we could estimate the premium would likely be for a 90 year extension to my lease. Comparative residencies in Woburn Sands with a long lease were worth £245,000. The average amount of ground rent was £50 invoiced every twelve months. The lease finished in 2094. Taking into account 68 years left we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of legals.

Woburn Sands case:

In 2013 we were approached by Mr and Mrs. H Bennett who, having took over the lease of a recently refurbished flat in Woburn Sands in March 2007. The question was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Comparable residencies in Woburn Sands with an extended lease were worth £285,000. The mid-range amount of ground rent was £55 billed quarterly. The lease concluded in 2105. Taking into account 79 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 not including professional charges.