Why you should commence your Woodford Green lease extension

Main reasons to start your Woodford Green lease extension today:

Increase your lease and increase your Woodford Green property value

Woodford Green leases on domestic properties are gradually losing value. Where your lease has approximately ninety years remaining, you should start thinking about a lease extension. If lease term is under eighty years, you will then have to pay half of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Woodford Green will mostly qualify for a lease extension; however It would be wise to check with a lawyer to check if you qualify. In some circumstances you may not be entitled. There are also strict deadlines and procedures to follow once the process has started so it’s prudent to be guided by a lawyer during the process.

Woodford Green property with a lease extension is almost the same value as a freehold

Leasehold residencies in Woodford Green with in excess of 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may not grant a mortgage on a short lease

Lenders are really clamping down as regards to properties in Woodford Green with short leases. For instance you may find that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your only options would be to find a cash purchaser, or try your luck at auction thus reducing the number of prospective buyers.

Get in touch with one of our Woodford Green lease extension solicitors or enfranchisement solicitors

Engaging our service gives you enhanced control over the value of your Woodford Green leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Woodford Green Lease Extension Example Cases:

Arthur, Woodford Green, Essex

In recent months Arthur, started to get near to the eighty-year mark with the lease on his two bedroom apartment in Woodford Green. Having purchased his property 19 years ago, the length of the lease was of minimal relevance. by good luck, he realised he would soon be paying an escalated premium for a lease extension. Arthur was able to extend his lease just under the wire in August. Arthur and the landlord ultimately settled on a premium of £5,500 . If he had missed the deadline, the price would have gone up by at least £975.

Woodford Green case:

Mr and Mrs. L Martínez acquired a one bedroom flat in Woodford Green in January 1999. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by an additional years. Comparative premises in Woodford Green with 100 year plus lease were in the region of £285,000. The mid-range ground rent payable was £45 collected monthly. The lease finished on 10 June 2097. Having 71 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 plus costs.