Main reasons to start your Wood Green lease extension

Main reasons to commence your Wood Green lease extension today:

Increase your lease and increase your Wood Green property value

When it comes to domestic leasehold property in Wood Green, you effectively rent it for a certain period of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you may consider extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly particularly when there are fewer than eighty years left. Residents in Wood Green with a lease nearing 81 years left should seriously consider extending it without delay. Once the lease term has below 80 years remaining, under the relevant legislation the freeholder is entitled to calculate and levy a greater amount, based on a technical multiplication, strangely termed as “marriage value” which is due.

An extended lease is almost the same value as a freehold

Leasehold residencies in Wood Green with in excess of 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lending institutions may decide not to grant a mortgage with a short lease

Banks and Building Societies have specific criteria when lending funds charged on leasehold homes. Some will simply refrain from lending at all once the residual lease term drops under a specified unexpired lease term. Many Lending institutions will not consider property with an unexpired term of less than 75 years suitable security. As well as impacting your ability to sell, it is also relevant if you are intending to refinance your Wood Green home.

Get in touch with one of our Wood Green lease extension solicitors or enfranchisement solicitors

Lease extensions in Wood Green can be a difficult process. We recommend you get guidance from a conveyancer and surveyor 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 a wealth of experience procuring 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 Studies:

Leon, Wood Green, North London,

Leon was the the leasehold owner of a high value apartment in Wood Green on the market with a lease of a little over 61 years remaining. Leon on an informal basis approached his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Leon to exercise his statutory right. Leon procured expert advice and secured satisfactory deal informally and readily saleable.

Wood Green case:

Mrs I Bonnet moved into a garden flat in Wood Green in June 2012. The question was if we could estimate the price could be to prolong the lease by ninety years. Similar premises in Wood Green with an extended lease were worth £250,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease finished on 1 January 2095. Having 69 years unexpired we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including legals.