Chances are that where you own a flat in Woodford Green you actually own a long leasehold interest over your property
It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Woodford Green can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor with experience in this area.
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.
Half a year ago Jamie, came dangerously near to the eighty-year threshold with the lease on his first floor flat in Woodford Green. In buying his home two decades ago, the unexpired term was of minimal significance. by good luck, he recognised he needed to take steps soon on a lease extension. Jamie extended the lease just in the nick of time last June. Jamie and the freeholder ultimately agreed on sum of £5,500 . If the lease had fallen to less than 80 years, the sum would have increased by at least £850.
In 2011 we were called by Dr R Ramírez who, having took over the lease of a first floor flat in Woodford Green in April 2005. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by 90 years. Comparable homes in Woodford Green with a long lease were valued around £200,000. The mid-range ground rent payable was £50 billed quarterly. The lease end date was on 25 February 2102. Considering the 77 years left we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of professional charges.
An example of a Freehold Enfranchisement decision for a Woodford Green property 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 related to 2 flats. The unexpired term was 69.26 years.