Woburn leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Woburn enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Woburn you really ought to see if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension sharply increases as part of the premium you pay is what is known as a marriage value
It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| National Westminster Bank | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Regardless of whether you are a tenant or a freeholder in Woburn,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Woburn valuers.
In the wake of 6 months of lengthy correspondence with the landlord of her two bedroom apartment in Woburn, Elizabeth commenced the lease extension process as the 80 year threshold was swiftly advancing. The lease extension was finalised in May 2013. The freeholder’s costs were restricted to about 550 GBP.
Last Christmas we were approach by Mr and Mrs. R Jackson , who acquired a first floor flat in Woburn in September 2010. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year extension to my lease. Identical residencies in Woburn with a long lease were valued about £200,000. The average amount of ground rent was £50 invoiced monthly. The lease concluded on 6 April 2104. Having 78 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including expenses.
Mr and Mrs. O Mercier completed a newly refurbished apartment in Woburn in November 1998. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by an additional years. Identical homes in Woburn with a long lease were worth £267,600. The mid-range ground rent payable was £65 billed per annum. The lease ran out in 2093. Taking into account 67 years remaining we calculated the compensation to the landlord to extend the lease to be within £14,300 and £16,400 plus costs.