Owning a apartment usually means owning a lease of the property, which has a finite term of years. your lease will usually be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Woburn. Inevitably, the period of lease left shortens as time goes by. This may slip by relatively unnoticed when the residence needs to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Eligible leaseholders in Woburn have the right to extend the lease for an additional 90 years in accordance with statute. You should give careful attention before putting off your Woburn lease extension. Putting off the cost now only increases the price you will ultimately incur to extend your lease
Leasehold properties in Woburn with over one hundred years outstanding 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 premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| National Westminster Bank | |
| Santander | |
| TSB | |
| Virgin |
Lease extensions in Woburn can be a difficult process. We recommend you secure professional help from a conveyancer and valuer 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 a wealth of experience dealing with Woburn lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
16 months ago Alex, started to get near to the eighty-year mark with the lease on his leasehold flat in Woburn. Having bought his home 18 years ago, the lease term was of no relevance. As luck would have it, he became aware that he would imminently be paying an escalated premium for a lease extension. Alex was able to extend his lease just under the wire in September. Alex and the landlord who owned the flat above eventually agreed on sum of £6,000 . If he failed to meet the deadline, the price would have escalated by at least £1,100.
In 2011 we were called by Mr and Mrs. F Ramírez who, having owned a first floor flat in Woburn in April 2010. The question was if we could shed any light on how much (roughly) price would likely be for a ninety year extension to my lease. Identical homes in Woburn with 100 year plus lease were valued around £280,000. The mid-range amount of ground rent was £45 collected monthly. The lease terminated in 2096. Given that there were 70 years outstanding we estimated the premium to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of legals.
In 2014 we were phoned by Mr and Mrs. H Lee who, having purchased a first floor apartment in Woburn in November 2006. The question was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparable homes in Woburn with an extended lease were in the region of £218,400. The average amount of ground rent was £60 invoiced annually. The lease elapsed on 14 April 2085. Considering the 59 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £27,600 and £31,800 plus professional charges.