Chances are that if you own a flat in Wood Green you actually own a long leasehold interest over your property
Leasehold residencies in Wood Green with in excess of one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Wood Green can be a difficult process. We recommend you get professional help from a conveyancer and valuer 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 in-depth market knowledge dealing with 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.
After lengthy correspondence with the landlord of her studio apartment in Wood Green, Samantha initiated the lease extension process as the 80 year deadline was rapidly coming. The transaction completed in October 2015. The freeholder’s costs were negotiated to a tad over 550 GBP.
In 2013 we were contacted by Ms Kirsty Moreau who, having bought a ground floor flat in Wood Green in June 2006. We are asked if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Identical residencies in Wood Green with 100 year plus lease were valued about £166,400. The average ground rent payable was £60 collected yearly. The lease came to a finish in 2080. Taking into account 54 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £32,300 and £37,400 plus expenses.
An example of a Lease Extension decision 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 as at the valuation date was 81.79 years.