Why you should commence your Woodford Green lease extension

Why you should start your Woodford Green lease extension today:

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

The closer a domestic lease in Woodford Green nears to zero years unexpired, the more it reduces the value of the property. If the lease has, more than one hundred years remaining then this decrease may be negligible however there will become a stage when a lease has less than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should consider extending without delay. Many flat owners in Woodford Green will qualify for this right; nevertheless a conveyancing solicitor will be able to advise whether you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders may decide not to issue a mortgage on a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly below 75 years as they are considered to be unacceptable security.

Why use us for your lease extension in Woodford Green?

Engaging our service will provide you better control over the value of your Woodford Green leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Woodford Green Lease Extension Case Studies:

Harvey, Woodford Green, Essex

Last year Harvey, came perilously close to the eighty-year threshold with the lease on his basement flat in Woodford Green. Having bought his property two decades ago, the length of the lease was of minimal concern. As luck would have it, he noticed he would imminently be paying an escalated premium for Extending the lease. Harvey was able to extend his lease just under the wire in September. Harvey and the landlord who owned the flat above in the end settled on an amount of £6,000 . If he failed to meet the deadline, the amount would have become more costly by a minimum £1,075.

Woodford Green case:

Ms H Martin owned a purpose-built flat in Woodford Green in April 2009. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year lease extension. Comparative flats in Woodford Green with 100 year plus lease were worth £300,000. The mid-range ground rent payable was £50 collected quarterly. The lease came to a finish in 2101. Given that there were 75 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of expenses.