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Top reasons for Woodford Green lease extension


Top reasons for lease extension now:

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

It’s a harsh truth that a Woodford Green residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the reduction being disguised by increases in the Woodford Green property prices.Once your lease gets to 85ish years, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls under 80 years - otherwise a higher premium will be due. The majority of leasehold owners in Woodford Green will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm whether you qualify for an extension. In some situations you may not qualify. There are also strict deadlines and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer for the duration of the process.

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 approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions will not grant a mortgage on a short lease

Mortgage companies are really restricting their approach as regards to properties in Woodford Green with short leases. For example you might discover that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus narrowing your market.

Lender Requirement
Accord Mortgages 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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Woodford Green lease extensions?

The conveyancing solicitors that we work with undertake Woodford 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 conveyancer we work with provide it.

Woodford Green Lease Extension Example Cases:

Oliver, Woodford Green, Essex,

Oliver was the the leasehold proprietor of a 2 bedroom flat in Woodford Green on the market with a lease of just over fifty eight years remaining. Oliver on an informal basis spoke with his freeholder a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Oliver to exercise his statutory right. Oliver procured expert legal guidance and secured satisfactory deal without going to tribunal and ending up with a market value flat.

Woodford Green case:

Last Summer we were approach by Dr R Brooks , who purchased a basement apartment in Woodford Green in March 2010. The question was if we could approximate the premium could be for a ninety year extension to my lease. Identical flats in Woodford Green with a long lease were in the region of £275,000. The mid-range amount of ground rent was £65 invoiced yearly. The lease finished in 2092. Taking into account 68 years remaining we calculated the premium to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of fees.

Decision in Redbridge

An example of a Freehold Enfranchisement case for a Woodford Green premises 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 residue of the current lease was 69.26 years.