Main reasons to commence your Woodford Green lease extension

Top reasons for lease extension now:

Increase your lease and increase your Woodford Green property value

Woodford Green leases on residential properties are gradually losing value. Where your lease has in the region of 90 years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you start paying an additional element called marriage value. Flat owners in Woodford Green will usually qualify for a lease extension; however it’s a good idea to check with a lawyer to check if you qualify. In certain circumstances you may not qualify. There are prescribed timetables and procedures to comply with once the process is initiated so it’s sensible to be guided by a conveyancer during the process.

An extended lease has roughly the same value as a freehold

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

Lenders will not lend with a short lease

Mortgage lenders have specific criteria when loaning monies secured on leasehold property. Some will simply not lend at all once an unexpired lease term goes lower than a certain unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired term of less than seventy years suitable security. In addition to this being important when selling, it is also relevant where you are wanting to refinance your Woodford Green home.

What makes us experts in Woodford Green lease extensions?

Using our service gives you enhanced 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 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 Summaries:

Charlotte, Woodford Green, Essex,

After lengthy discussions with the freeholder of her garden apartment in Woodford Green, Charlotte initiated the lease extension process as the 80 year deadline was swiftly coming. The lease extension was concluded in November 2005. The landlord’s charges were kept to an absolute minimum.

Woodford Green case:

Dr Isaac Martínez owned a basement flat in Woodford Green in November 1999. We are asked if we could approximate the premium would be to prolong the lease by ninety years. Comparative properties in Woodford Green with 100 year plus lease were in the region of £181,600. The mid-range amount of ground rent was £55 collected every twelve months. The lease ended on 5 August 2078. Having 52 years remaining we calculated the premium to the landlord to extend the lease to be within £30,400 and £35,200 plus costs.