Why you should start your Woburn lease extension

Main reasons to commence your Woburn lease extension today:

A Woburn leasehold property depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will ordinarily be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Woburn. Inevitably, the term of lease remaining reduces as time goes by. This may pass by relatively unnoticed when the flat or house has to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease. Eligible long lease owners in Woburn have the right to extend the lease for an additional ninety years in accordance with legislation. Do give due consideration before putting off your Woburn lease extension. Putting off the cost now only increases the price you will ultimately incur to extend your lease

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

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not grant a mortgage with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to become concerned at around 75 years. This may be problematic when you come to dispose of or refinance your flat as it will be effectively unmortgageable. You might have no immediate intention to sell but when you do your buyer will have to hold off for a couple of years before being able to exercise the right to a an extension to the lease.

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

Lease extensions in Woburn can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer 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 dealing with Woburn lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Woburn Lease Extension Case Summaries:

Francesca, Woburn, Bedfordshire,

Following lengthy discussions with the freeholder of her basement flat in Woburn, Francesca started the lease extension process just as her lease was approaching the crucial 80-year threshold. The transaction completed in August 2014. The landlord’s costs were negotiated to below 450 pounds.

Woburn case:

Last Winter we were called by Mr L Lambert , who was assigned a lease of a ground floor flat in Woburn in January 2004. We are asked if we could approximate the premium could be to extend the lease by ninety years. Comparative premises in Woburn with an extended lease were valued about £198,800. The mid-range amount of ground rent was £55 collected every twelve months. The lease end date was on 9 January 2081. Considering the 55 years as a residual term we calculated the premium to the landlord for the lease extension to be between £33,300 and £38,400 plus expenses.

Woburn case:

Last Christmas we were approach by Mr and Mrs. G Leroy , who was assigned a lease of a one bedroom apartment in Woburn in August 2009. The dilemma was if we could approximate the price would likely be to prolong the lease by an additional years. Comparable residencies in Woburn with a long lease were worth £295,000. The average ground rent payable was £50 invoiced quarterly. The lease end date was on 2 May 2101. Having 75 years outstanding we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 plus fees.