Wood Green leases on domestic properties are gradually losing value. Where your lease has about 90 years remaining, you should start thinking about a lease extension. An important point to note is that it is desirable for the lease extension to take place before the term of the existing lease drops under 80 years - otherwise a higher amount will be payable. Leasehold owners in Wood Green will usually be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to follow once the process is initiated so it’s best to be guided by a lawyer during the process.
It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Santander |
Regardless of whether you are a tenant or a landlord in Wood Green,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Wood Green valuers.
Last year Joshua, came critically near to the 80-year threshold with the lease on his leasehold apartment in Wood Green. In buying his flat two decades ago, the unexpired term was of minimal significance. Luckily, it dawned on him that he would imminently be paying an inflated amount for Extending the lease. Joshua arranged for a lease extension just under the wire in July. Joshua and the freeholder via the management company in the end agreed on an amount of £5,000 . If the lease had slid lower than 80 years, the amount would have become more costly by at least £1,100.
Last Winter we were called by Mr and Mrs. M Morgan , who was assigned a lease of a one bedroom apartment in Wood Green in March 2006. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Comparable properties in Wood Green with an extended lease were worth £264,000. The average amount of ground rent was £60 billed monthly. The lease elapsed in 2079. Taking into account 53 years left we calculated the premium to the landlord to extend the lease to be within £37,100 and £42,800 plus professional charges.
An example of a Lease Extension case for a Wood Green property 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 was in relation to 1 flat. The unexpired term was 81.79 years.