Woking leases on domestic deteriorating in value. if your lease has approximately ninety years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you begin paying an additional element called marriage value. Leasehold owners in Woking will mostly qualify for a lease extension; however a solicitor should be able check your eligibility. In some circumstances you may not qualify. There are also strict timetables and steps to comply with once the process is triggered so it’s sensible to be guided by a conveyancing solicitor during the process.
It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Leeds Building Society | |
| Santander | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
The lawyers that we work with procure 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.
In the wake of 6 months of protracted correspondence with the landlord of her first floor apartment in Woking, Daisy started the lease extension process as the 80 year threshold was fast approaching. The legal work was concluded in October 2011. The freeholder’s charges were negotiated to below 550 GBP.
In 2009 we were phoned by Dr J Adams who, having bought a newly refurbished flat in Woking in November 2011. The question was if we could approximate the premium would be for a 90 year extension to my lease. Similar premises in Woking with 100 year plus lease were in the region of £267,600. The average ground rent payable was £65 collected yearly. The lease concluded in 2093. Considering the 67 years remaining we approximated the premium to the landlord to extend the lease to be between £14,300 and £16,400 exclusive of expenses.
In 2010 we were approached by Mr and Mrs. B Walker who, having was assigned a lease of a basement apartment in Woking in June 2003. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Similar flats in Woking with a long lease were valued around £201,200. The mid-range amount of ground rent was £55 collected annually. The lease came to a finish on 12 April 2082. Considering the 56 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 exclusive of professional charges.