Top reasons for Woodford Green lease extension

Main reasons to commence your Woodford Green lease extension today:

A Woodford Green lease depreciates with the years remaining on the lease.

Woodford Green leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Woodford Green residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Woodford Green you should check if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under eighty years, the cost of any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value

Woodford Green property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not grant a mortgage on a short lease

Most banks and building societies require a lengthy amount of time remaining on a leasehold residence before they will consider providing a mortgage on it. Regardless of whether you require a mortgage, you should be mindful that it is probable that someone wanting to buy your property in the future might well do, so in the event that they are not able to obtain a mortgage, then the market price of the property will likely be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Woodford Green lease extensions?

Regardless of whether you are a tenant or a freeholder 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.

Woodford Green Lease Extension Example Cases:

Seth, Woodford Green, Essex,

Seth was the the leasehold proprietor of a 2 bedroom flat in Woodford Green on the market with a lease of fraction over fifty eight years unexpired. Seth on an informal basis contacted his landlord a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Seth to invoke his statutory right. Seth obtained expert advice and secured satisfactory deal informally and readily saleable.

Woodford Green case:

In 2010 we were contacted by Mr and Mrs. R Davis who, having completed a ground floor flat in Woodford Green in September 2012. We are asked if we could approximate the premium could be for a 90 year extension to my lease. Comparative properties in Woodford Green with an extended lease were worth £225,800. The average ground rent payable was £60 collected every twelve months. The lease finished in 2086. Considering the 60 years remaining we estimated the premium to the freeholder to extend the lease to be within £24,700 and £28,600 not including professional charges.