Stop! Your Lease Extension in Old Woking Could Be FREE

Get a Free Case Review
Many leaseholders in Old Woking are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Old Woking has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Old Woking lease extension

Why you should start your Old Woking lease extension today:

Increase your lease and increase your Old Woking property value

Unfortunately that a Old Woking residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Old Woking property prices.Once your lease nears 85ish years, you need to start thinking about a lease extension. If the number of years remaining drops under 80 years, you will end up paying 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most flat owners in Old Woking will be able to extend under the legislation; however a conveyancer will be able to clarify if you are eligibility. In some situations you may not qualify. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the formalities.

Old Woking property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders may not lend with a short lease

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to become nervous at around 75 years. This may cause difficulties when you come to sell or remortgage your flat as it will be effectively unmortgageable. You may have no imminent desire to sell but when you do your buyer will need to hold off for 2 years before they can exercise the right to a a lease extension.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.

What makes us experts in Old Woking lease extensions?

The conveyancers that we work with undertake Old Woking lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Old Woking Lease Extension Example Cases:

Sebastian, Old Woking, Surrey,

Sebastian owned a 2 bedroom apartment in Old Woking on the market with a lease of a little over sixty years remaining. Sebastian informally spoke with his landlord being a well known London-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Sebastian to exercise his statutory right. Sebastian procured expert legal guidance and secured satisfactory deal informally and sell the property.

Old Woking case:

Mr Hugo Sharif completed a first floor apartment in Old Woking in October 1996. We are asked if we could approximate the premium could be to extend the lease by 90 years. Identical homes in Old Woking with a long lease were in the region of £184,000. The average amount of ground rent was £55 collected quarterly. The lease finished in 2079. Taking into account 53 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 plus professional charges.

Old Woking case:

Mr and Mrs. H Lewis was assigned a lease of a basement apartment in Old Woking in October 2007. The question was if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Comparative premises in Old Woking with an extended lease were valued around £290,000. The mid-range amount of ground rent was £45 collected quarterly. The lease ran out in 2099. Having 73 years remaining we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 plus professional charges.