Why you should start your Wood Green lease extension

Why you should start your Wood Green lease extension today:

A Wood Green lease depreciates with the years remaining on the lease.

The nearer a domestic lease in Wood Green gets to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, over 100 years remaining then this decrease may be of little impact that being said there will become a point in time when a lease has less than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main rational as to why you should consider extending sooner rather than later. The majority of flat owners in Wood Green will meet the qualifying criteria; however a conveyancing solicitor should be able to confirm if you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders may not finance a property with a short lease

Lenders are really clamping down as regards to properties in Wood Green with short leases. For example you might discover that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus limiting the number of prospective purchasers.

What makes us experts in Wood Green lease extensions?

The conveyancers that we work with handle Wood Green lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Wood Green Lease Extension Example Cases:

Ali, Wood Green, North London,

Ali was the the leasehold owner of a high value apartment in Wood Green on the market with a lease of a few days over 59 years outstanding. Ali informally contacted his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 yearly. No ground rent would be payable on a lease extension were Ali to invoke his statutory right. Ali procured expert legal guidance and secured satisfactory deal informally and sell the flat.

Wood Green case:

Last Autumn we were called by Mrs J Williams , who bought a one bedroom flat in Wood Green in March 2006. The dilemma was if we could estimate the premium could be for a 90 year lease extension. Identical flats in Wood Green with an extended lease were valued around £183,600. The average amount of ground rent was £65 invoiced every twelve months. The lease elapsed on 10 February 2083. Having 57 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 not including costs.