The only way is down when it comes to Woodford Green lease terms. Woodford Green leaseholds that have a lease term fewer than eighty years will reduce in value at a rapid rate, and the cost of extending your lease will rise.
Leasehold properties in Woodford Green with more than one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Halifax | |
| National Westminster Bank | |
| The Mortgage Works | |
| Virgin |
Engaging our service will provide you better control over the value of your Woodford Green leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to unsuccessful correspondence with the freeholder of her studio apartment in Woodford Green, Yasmin initiated the lease extension process as the 80 year threshold was quickly nearing. The legal work was finalised in November 2007. The freeholder’s fees were restricted to about 550 pounds.
Last month we were called by Mr Andrew King , who was assigned a lease of a ground floor flat in Woodford Green in January 2012. The question was if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by a further 90 years. Similar residencies in Woodford Green with a long lease were worth £206,200. The average ground rent payable was £60 invoiced per annum. The lease lapsed on 12 January 2082. Having 56 years as a residual term we calculated the premium to the landlord for the lease extension to be within £32,300 and £37,400 exclusive of legals.
An example of a Freehold Enfranchisement matter before the tribunal for a Woodford Green property 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 related to 2 flats. The remaining number of years on the lease was 69.26 years.