Top reasons for Wood Green lease extension

Why you should commence your Wood Green lease extension today:

Increase your lease and increase your Wood Green property value

When it comes to long leasehold property in Wood Green, you are actually buying an entitlement to reside in a property for a prescribed time frame. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should think about a lease extension sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly particularly once there are fewer than 80 years remaining. Anyone in Wood Green with a lease nearing 81 years remaining should seriously think of extending it as soon as possible. Once the lease term has under eighty years remaining, under the relevant Act the landlord is entitled to calculate and levy a greater premium, based on a technical calculation, known as “marriage value” which is due.

An extended lease has roughly the same value as a freehold

Leasehold premises in Wood Green with in excess of 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Mortgage lenders may not loan monies with a short lease

Most banks and building societies insist on a lengthy amount of time remaining on a leasehold property before they will consider lending on it. Even if you don't need a mortgage, you should be conscious that it is reasonable to assume that someone wishing to acquire your property in the future might well do, so if they are unable to secure a mortgage, then the value of the property will likely suffer. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Wood Green?

Lease extensions in Wood Green can be a difficult process. We recommend you procure professional help 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 in-depth market knowledge dealing with Wood Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Wood Green Lease Extension Case Summaries:

Ellie, Wood Green, North London,

Subsequent to lengthy discussions with the freeholder of her two bedroom flat in Wood Green, Ellie initiated the lease extension process as the eighty year threshold was fast advancing. The legal work was concluded in June 2006. The landlord’s costs were restricted to less than 700 pounds.

Wood Green case:

Mr and Mrs. P Baker acquired a garden apartment in Wood Green in June 1997. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Comparable homes in Wood Green with an extended lease were in the region of £275,000. The mid-range ground rent payable was £55 invoiced yearly. The lease expired in 2101. Given that there were 76 years left we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including fees.