Main reasons to commence your Wood Green lease extension
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Why you should start your Wood Green lease extension today: </h3>
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/wood-green">Wood Green</a> property value </h4>
<p> With a long leasehold property in Wood Green, you are actually buying a right to reside in a property for a set period of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you should think about a lease extension sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly particularly when there are less than eighty years left. Anyone in Wood Green with a lease drawing near to 81 years remaining should seriously think of extending it as soon as possible. Once a lease has below eighty years left, under the relevant legislation the freeholder is entitled to calculate and levy a larger amount, assessed on a technical calculation, known as “marriage value” which is due. <h4>An extended lease is almost the same value as a freehold</h4>
<p> It is generally considered that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for many years in the future.
<h4>Banks and Building Societies may decide not to issue a mortgage with a short lease</h4> Banks and building societies are really clamping down as regards to properties in Wood Green with short leases. For instance you might discover that their lending requirements 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 if you wanted to sell, your only options would be to find a cash buyer, or hope for the best at auction thus narrowing your market.
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<tr><th>Lender</th>
<th> Requirement
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<td>Bank of Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Birmingham Midshires</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Halifax</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>National Westminster Bank</td>
<td> Mortgage term plus 30 years.<br /><br />For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
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<td>TSB</td>
<td> Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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<h4> Get in touch with one of our Wood Green lease extension solicitors or enfranchisement solicitors
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<p> Regardless of whether you are a tenant or a landlord in Wood Green,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Wood Green valuers.
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Wood Green Lease Extension Case Studies:
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<h5> Jonathan, Wood Green, North London</h5>
<p> In recent months Jonathan, started to get near to the 80-year threshold with the lease on his garden apartment in Wood Green. Having bought his flat two decades ago, the length of the lease was of no significance. Luckily, he recognised he would imminently be paying way over the odds for Extending the lease. Jonathan arranged for a lease extension at the eleventh hour last July. Jonathan and the landlord in the end settled on the final figure of £6,000 . If the lease had slid lower than 80 years, the figure would have become more exhorbitant by at least £875.
<h5>Wood Green case:</h5>
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Last Winter we were contacted by Mr W Phillips , who
completed a one bedroom flat in Wood Green in October 2011. We are asked if we could estimate the price would likely be to extend the lease by a further 90 years. Identical premises in Wood Green with an extended lease were worth £173,800. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease expiry date was in 2081. Having 55 years remaining we approximated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 plus expenses.
<div> <h5>Decision in Haringey</h5>
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An example of a Lease Extension decision for a Wood Green flat is
First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension.
This case affected 1 flat. The unexpired term as at the valuation date was 81.79 years.
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