Wood Green leases on domestic properties are gradually losing value. if your lease has approximately ninety years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for a lease extension to take place before the term of the existing lease falls lower than 80 years - otherwise a higher amount will be payable. Flat owners in Wood Green will usually qualify for a lease extension; however It would be wise to check with a conveyancer to check if you qualify. In some situations you may not be entitled. There are prescribed timetables and steps to follow once the process is initiated so it’s prudent to be guided by a lawyer during the process.
Leasehold premises 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 property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit 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. |
| Coventry Building Society | 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
The lawyers 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.
Off the back of lengthy correspondence with the freeholder of her first floor flat in Wood Green, Robyn started the lease extension process as the 80 year mark was swiftly nearing. The lease extension completed in November 2015. The freeholder’s costs were kept to an absolute minimum.
Mr and Mrs. E Leroy completed a garden apartment in Wood Green in June 2009. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Comparative homes in Wood Green with an extended lease were valued about £242,600. The mid-range ground rent payable was £45 invoiced yearly. The lease finished in 2092. Considering the 67 years left we estimated the premium to the freeholder to extend the lease to be within £11,400 and £13,200 plus legals.
An example of a Lease Extension decision for a Wood Green residence 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 residue of the current lease was 81.79 years.