Top reasons for Woodford lease extension

Main reasons to start your Woodford lease extension today:

A Woodford leasehold property depreciates with the years remaining on the lease.

The market value of Woodford 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 increase substantially once the unexpired lease term is below than eighty years

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for many years ahead.

Lenders will not issue a mortgage on a short lease

Almost all banks and building societies require a lengthy amount of time left on any leasehold property before they will contemplate it as adequate security. Even if you don't need a mortgage, you should bear in mind that it is probable that someone intending to acquire your property in the future might well do, so in the event that they can't secure a mortgage, then the value of your property will likely be adversely impacted. Since 2008 many banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Woodford lease extensions?

Engaging our service will provide you better control over the value of your Woodford leasehold, as your property will be more valuable and marketable in respect of lease length should you decide 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 Lease Extension Case Summaries:

Luca, Woodford, North East London

14 months ago Luca, came seriously close to the 80-year mark with the lease on his garden flat in Woodford. In buying his home two decades ago, the lease term was of no concern. Luckily, it dawned on him that he would imminently be paying an inflated amount for a lease extension. Luca extended the lease just under the wire last September. Luca and the freeholder via the management company eventually settled on an amount of £5,000 . If he not met the deadline, the price would have escalated by a minimum £900.

Woodford case:

In 2010 we were approached by Mr and Mrs. S Edwards who, having purchased a garden apartment in Woodford in July 2012. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Similar properties in Woodford with 100 year plus lease were valued about £290,000. The mid-range amount of ground rent was £45 billed yearly. The lease termination date was on 14 November 2097. Given that there were 73 years unexpired we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of costs.