Main reasons to start your Woldingham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Woldingham property value

With a domestic leasehold property in Woldingham, you are actually buying an entitlement to live in a property for a prescribed time frame. In recent years flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease gets disproportionately greater notably when there are fewer than eighty years remaining. Residents in Woldingham with a lease nearing 81 years unexpired should seriously think of extending it sooner rather than later. Once the lease term has below 80 years remaining, under the relevant Act the freeholder is entitled to calculate and levy a greater amount, based on a technical calculation, strangely termed as “marriage value” which is payable.

An extended lease has roughly the same value as a freehold

Leasehold properties in Woldingham with over one hundred years remaining 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 buying the freehold unless savings on ground rent and service charges justify it.

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

Mortgage companies are inclined not lend on short residential leases. You are likely to experience difficulties if you need to sell your flat in Woldingham if the unexpired lease term is below the criteria set by most mortgage companies. Different mortgage companies have different requirements but generally they are looking for a minimum remaining lease term of 65 years.

What makes us experts in Woldingham lease extensions?

Lease extensions in Woldingham can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor with experience in lease extensions.

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 in-depth market knowledge procuring Woldingham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Woldingham Lease Extension Case Studies:

Eli, Woldingham, Surrey,

Eli owned a conversion flat in Woldingham on the market with a lease of a few days over 61 years remaining. Eli on an informal basis approached his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £125 per annum. No ground rent would be payable on a lease extension were Eli to exercise his statutory right. Eli obtained expert advice and secured an acceptable resolution informally and ending up with a market value flat.

Woldingham case:

Last year we were e-mailed by Mrs R Phillips , who bought a one bedroom apartment in Woldingham in January 2001. We are asked if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Identical properties in Woldingham with a long lease were valued around £233,200. The mid-range amount of ground rent was £60 collected every twelve months. The lease came to a finish in 2087. Taking into account 61 years left we approximated the premium to the freeholder to extend the lease to be within £22,800 and £26,400 not including expenses.