Why you should start your Wood Green lease extension

Top reasons for lease extension now:

Increase your lease and increase your Wood Green property value

Owning a apartment usually means owning a lease of the property, which has a finite term of years. The lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Wood Green. Clearly, the period of lease left shortens over time. This may slip by relatively unnoticed when the residence needs to be disposed of or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to obtain a lease extension. Eligible leaseholders in Wood Green have the legal entitlement to extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. You should give due deliberation before delaying your Wood Green lease extension. Putting off the cost now simply increases the price you will eventually have to pay to extend your lease

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lenders may not issue a mortgage on a short lease

The propensity since 2008 has been for mortgage companies to tighten lending requirements across the board - this has extended to the types of security over which the mortgage is to be charged. This has resulted in the unexpired lease term required by mortgage companies has increased. In the past mortgage companies were content with twenty years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Wood Green?

The conveyancing solicitors that we work with procure 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 conveyancing solicitor we work with provide it.

Wood Green Lease Extension Case Summaries:

Nathan, Wood Green, North London

18 months ago Nathan, started to get close to the eighty-year mark with the lease on his basement apartment in Wood Green. Having purchased his property two decades ago, the length of the lease was of minimal concern. Luckily, he recognised he needed to take action soon on Extending the lease. Nathan was able to extend his lease at the eleventh hour last August. Nathan and the landlord who owned the flat above subsequently settled on the final figure of £6,000 . If he failed to meet the deadline, the amount would have increased by a minimum £950.

Wood Green case:

In 2011 we were e-mailed by Dr Natalie Young who, having moved into a basement apartment in Wood Green in June 2012. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by 90 years. Comparable premises in Wood Green with a long lease were in the region of £208,200. The mid-range ground rent payable was £65 collected monthly. The lease expired in 2087. Given that there were 61 years remaining we approximated the premium to the freeholder to extend the lease to be between £20,000 and £23,000 plus fees.