As the the remaining lease term of a Woodford Green residential lease decreases so does its value and therefore the value of your property. If the lease has, over 100 years to run then this decrease may be negligible that being said there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should extend the lease without delay. Many flat owners in Woodford Green will meet the qualifying criteria; nevertheless a lawyer should be able to advise whether you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.
Leasehold residencies in Woodford Green with over 100 years remaining 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 property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset 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. |
| Yorkshire Building Society | 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. |
Regardless of whether you are a tenant or a landlord in Woodford Green,the lease extension experts that we work with will always be happy 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.
In the wake of 6 months of unsuccessful discussions with the landlord of her purpose-built apartment in Woodford Green, Bethany initiated the lease extension process as the eighty year mark was quickly nearing. The legal work completed in March 2008. The freeholder’s charges were kept to an absolute minimum.
Last year we were approach by Dr F Bertrand , who bought a ground floor apartment in Woodford Green in July 2003. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by 90 years. Comparative flats in Woodford Green with an extended lease were in the region of £243,000. The average amount of ground rent was £65 collected quarterly. The lease ended on 5 March 2089. Having 63 years outstanding we estimated the premium to the freeholder for the lease extension to be within £20,000 and £23,000 not including costs.
An example of a Freehold Enfranchisement matter before the tribunal 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 affected 2 flats. The unexpired lease term was 69.26 years.