Why you should commence your Woodford Green lease extension
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Main reasons to commence your Woodford Green lease extension today:
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<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/woodford-green">Woodford Green</a> leasehold property depreciates with the years remaining on the lease.
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The basic rule is, all other things holding equal, the shorter the lease the more costly the premium.
Qualifying leaseholders in Woodford Green can extend the lease for a further ninety years in accordance with Leasehold Reform legislation. Do think carefully before delaying your Woodford Green lease extension. Putting off the costs now simply increases the amount you will ultimately have to pay to extend the lease. <h4>Woodford Green property with a lease extension has roughly the same value as a freehold</h4>
<p> It is generally accepted that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for many years in the future.
<h4>Lending institutions may not lend on a short lease</h4> Lending institutions are less likely to grant a mortgage on a domestic flat in Woodford Green with a short lease. Many lenders simply refuse to lend on leases with less than 75 years remaining.
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<td>Accord Mortgages</td>
<td> 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.
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<td>Barnsley Building Society</td>
<td> 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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<td>Halifax</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Leeds Building Society</td>
<td> 85 years remaining from the start 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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What makes us experts in Woodford Green lease extensions?
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<p> Irrespective of whether you are a tenant or a landlord in Woodford Green,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Woodford Green valuers.
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Woodford Green Lease Extension Example Cases:
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<h5> Victoria, Woodford Green, Essex,</h5>
<p> Trailing lengthy negotiations with the landlord of her purpose-built flat in Woodford Green, Victoria started the lease extension process as the 80 year deadline was rapidly approaching. The lease extension was concluded in August 2008. The freeholder’s costs were negotiated to under six hundred GBP.
<h5>Woodford Green case:</h5>
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In 2014 we were called by Mr Y Sharif who, having took over the lease of a first floor flat in Woodford Green in November 2009. The question was if we could shed any light on how much (approximately) price would be to prolong the lease by 90 years. Identical flats in Woodford Green with an extended lease were in the region of £216,000. The average amount of ground rent was £60 invoiced monthly. The lease concluded in 2084. Given that there were 58 years as a residual term we estimated the premium to the landlord to extend the lease to be within £28,500 and £33,000 plus costs.
<div> <h5>Decision in Redbridge</h5>
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An example of a Freehold Enfranchisement decision for a Woodford Green residence is
201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071.
This case was in relation to 2 flats. The unexpired lease term was 69.26 years.
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