Why you should commence your Wooburn Green lease extension

Why you should commence your Wooburn Green lease extension today:

Increase your lease and increase your Wooburn Green property value

When it comes to residential leasehold property in Wooburn Green, you are in fact renting it for a certain period of time. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should think about extending the lease sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately greater notably when there are less than eighty years remaining. Anyone in Wooburn Green with a lease nearing 81 years left should seriously consider extending it without delay. When the lease term has below 80 years remaining, under the relevant Act the freeholder can calculate and demand a larger amount, based on a technical calculation, strangely termed as “marriage value” which is due.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not loan monies on a short lease

Most mortgage lenders have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are deemed to be unacceptable security.

Why use us for your lease extension in Wooburn Green?

Regardless of whether you are a tenant or a freeholder in Wooburn Green,the lease extension lawyers 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 Wooburn Green valuers.

Wooburn Green Lease Extension Case Studies:

Caitlin, Wooburn Green, Buckinghamshire,

In the wake of 6 months of lengthy correspondence with the freeholder of her two bedroom apartment in Wooburn Green, Caitlin commenced the lease extension process as the 80 year mark was swiftly approaching. The transaction was finalised in October 2011. The landlord’s costs were restricted to under 600 GBP.

Wooburn Green case:

Ms Phoebe White acquired a studio apartment in Wooburn Green in September 2011. The question was if we could shed any light on how much (roughly) price would likely be to extend the lease by 90 years. Identical premises in Wooburn Green with an extended lease were worth £285,000. The average ground rent payable was £55 collected per annum. The lease concluded on 25 August 2105. Taking into account 79 years left we estimated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of legals.

Wooburn Green case:

Last Spring we were approach by Mr and Mrs. A Lefebvre , who was assigned a lease of a studio flat in Wooburn Green in April 2003. We are asked if we could shed any light on how much (roughly) premium could be to extend the lease by ninety years. Comparative residencies in Wooburn Green with an extended lease were in the region of £193,400. The average ground rent payable was £65 billed every twelve months. The lease end date was in 2085. Taking into account 59 years unexpired we approximated the compensation to the landlord to extend the lease to be between £21,900 and £25,200 exclusive of professional charges.