Top reasons for Woldingham lease extension

Why you should commence your Woldingham lease extension today:

A Woldingham lease depreciates with the years remaining on the lease.

The only way is down when it comes to Woldingham lease terms. Woldingham properties that have a lease term lower than eighty years will reduce in market price even faster, and the cost to extend your lease will go up.

An extended lease 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 additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies may decide not to loan monies with a short lease

The propensity since over the last decade has been for banks to tighten lending requirements generally - this has extended to the property over which the mortgage is to be charged. This has meant the minimum number of years remaining under the lease required by banks has increased. Historically banks would grant a mortgage on a lease with 25 years plus the term of the loan - typically fifty year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Get in touch with one of our Woldingham lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a landlord in Woldingham,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Woldingham valuers.

Woldingham Lease Extension Case Summaries:

Isabelle, Woldingham, Surrey,

After unsuccessful correspondence with the landlord of her studio apartment in Woldingham, Isabelle started the lease extension process just as her lease was nearing the crucial 80-year deadline. The transaction completed in May 2006. The landlord’s charges were restricted to about 500 pounds.

Woldingham case:

Mr and Mrs. H Smith took over the lease of a purpose-built apartment in Woldingham in May 2005. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative homes in Woldingham with a long lease were in the region of £201,200. The mid-range ground rent payable was £55 billed per annum. The lease came to a finish on 22 November 2082. Taking into account 56 years left we approximated the premium to the landlord for the lease extension to be between £31,400 and £36,200 plus fees.