The market value of Woodford Green leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate materialy once the remaining term is less than eighty 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 value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Woodford Green can be a difficult process. We recommend you get guidance from a conveyancer and valuer well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Woodford Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In recent months George, came seriously near to the eighty-year threshold with the lease on his first floor apartment in Woodford Green. Having purchased his property two decades ago, the lease term was of no importance. by good luck, it dawned on him that he needed to take action soon on a lease extension. George extended the lease just ahead of time in August. George and the landlord ultimately agreed on the final figure of £5,000 . If the lease had gone below eighty years, the amount would have become more costly by at least £925.
In 2013 we were approached by Ms Paige López who, having completed a ground floor flat in Woodford Green in November 2012. We are asked if we could estimate the price would likely be to prolong the lease by 90 years. Identical flats in Woodford Green with a long lease were valued around £260,200. The mid-range ground rent payable was £65 billed per annum. The lease expired on 10 March 2092. Taking into account 66 years outstanding we calculated the premium to the landlord to extend the lease to be within £15,200 and £17,600 not including fees.
An example of a Freehold Enfranchisement case for a Woodford Green flat 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 term was 69.26 years.