Top reasons for Woodley lease extension

Why you should start your Woodley lease extension today:

Increase your lease and increase your Woodley property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will normally be granted for a fixed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Woodley. Inevitably, the length of lease left shortens as time goes by. This is often overlooked and only becomes a problem when the flat or house has to be sold or refinanced. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Eligible long lease owners in Woodley have the right to extend the lease for an additional ninety years in accordance with Leasehold Reform legislation. Do give careful deliberation before putting off your Woodley lease extension. Holding off that expense now simply increases the price you will ultimately have to pay for a lease extension

Woodley property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for many years in the future.

Lenders may not lend on a short lease

Most banks and building societies insist on a lengthy amount of time left on a leasehold property before they will contemplate providing a mortgage on it. Even if you don't require a mortgage, you should be mindful that it is likely that someone wanting to buy your property in the future might well do, so in the event that they can't obtain a mortgage, then the financial worth of the property will likely be adversely impacted. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Why use us for your lease extension in Woodley?

Lease extensions in Woodley can be a difficult process. We recommend you secure 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 Woodley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Woodley Lease Extension Example Cases:

Isobel, Woodley, Berkshire,

In the wake of 9 months of protracted correspondence with the landlord of her ground floor apartment in Woodley, Isobel initiated the lease extension process as the eighty year mark was fast approaching. The lease extension was concluded in October 2009. The landlord’s fees were negotiated to a tad over 600 GBP.

Woodley case:

In 2012 we were phoned by Mr Ben Adams who, having owned a garden apartment in Woodley in January 2005. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Comparative premises in Woodley with an extended lease were in the region of £264,000. The mid-range ground rent payable was £60 billed monthly. The lease expired in 2079. Having 53 years remaining we calculated the compensation to the landlord to extend the lease to be between £37,100 and £42,800 not including professional charges.

Woodley case:

Mr and Mrs. O Vincent took over the lease of a one bedroom flat in Woodley in February 2001. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative homes in Woodley with a long lease were in the region of £225,400. The average amount of ground rent was £45 collected monthly. The lease concluded in 2090. Considering the 64 years unexpired we calculated the premium to the landlord to extend the lease to be within £15,200 and £17,600 not including costs.