Main reasons to commence your Woodford Green lease extension

Main reasons to commence your Woodford Green lease extension today:

Increase your lease and increase your Woodford Green property value

For those whose Woodford Green property is held on a long lease, the message is clear – if nothing is done, the property will eventually revert to the freeholder, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease.

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

It is generally accepted that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for many years in the future.

Lenders will not grant a mortgage with a short lease

Most banks and building societies will be unwilling to lend on a lease with less than 70 years unexpired - although this varies from lender to lender. A purchaser will likely find it difficult to obtain a mortgage and this will result in your Woodford Green property being difficult to dispose of or to obtain finance on.

What makes us experts in Woodford Green lease extensions?

Engaging our service will provide you enhanced control over the value of your Woodford Green leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancing solicitors 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:

Sophie, Woodford Green, Essex,

After protracted correspondence with the freeholder of her garden apartment in Woodford Green, Sophie commenced the lease extension process just as the lease was coming close to the crucial eighty-year threshold. The legal work was finalised in January 2012. The freeholder’s costs were kept to an absolute minimum.

Woodford Green case:

In 2013 we were approached by Mr and Mrs. D Reed who, having took over the lease of a one bedroom flat in Woodford Green in May 1999. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by a further 90 years. Similar homes in Woodford Green with a long lease were valued about £205,000. The average amount of ground rent was £50 billed yearly. The lease came to a finish in 2105. Considering the 79 years left we approximated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of costs.