Main reasons to commence your Wooburn Green lease extension

Main reasons to start your Wooburn Green lease extension today:

A Wooburn Green lease depreciates with the years remaining on the lease.

Wooburn Green residential property held on a long lease is a depreciating asset because a leaseholder only owns the property for a period of years.

Wooburn Green property with a lease extension has roughly the same value as a freehold

Leasehold premises in Wooburn Green with more than 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.

Lending institutions will not grant a mortgage with a short lease

Most banks and building societies insist on a lengthy amount of time remaining on a leasehold residence before they will consider it as adequate security. Regardless of whether you need a mortgage, you should be aware that it is reasonable to assume that someone wishing to buy your property in the future might well do, so where they are unable to get a mortgage, then the financial worth of the property could be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are willing to lend on

What makes us experts in Wooburn Green lease extensions?

Regardless of whether you are a tenant or a freeholder in Wooburn Green,the lease extension solicitors that we work with will always be willing 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 Summaries:

Matthew, Wooburn Green, Buckinghamshire,

Matthew was the the leasehold owner of a 2 bedroom flat in Wooburn Green being sold with a lease of a few days over 59 years unexpired. Matthew on an informal basis spoke with his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Matthew to exercise his statutory right. Matthew obtained expert advice and secured satisfactory deal without going to tribunal and sell the property.

Wooburn Green case:

Last Autumn we were called by Ms B Watson , who owned a ground floor apartment in Wooburn Green in August 2002. We are asked if we could approximate the compensation to the landlord would be to extend the lease by an additional years. Comparative properties in Wooburn Green with 100 year plus lease were valued about £237,600. The mid-range ground rent payable was £45 invoiced per annum. The lease expiry date was in 2093. Considering the 67 years outstanding we approximated the premium to the landlord to extend the lease to be between £11,400 and £13,200 not including fees.

Wooburn Green case:

In 2009 we were approached by Ms Georgia González who, having purchased a one bedroom apartment in Wooburn Green in April 2005. We are asked if we could approximate the premium would be for a 90 year lease extension. Comparative homes in Wooburn Green with a long lease were worth £280,000. The mid-range ground rent payable was £55 billed per annum. The lease came to a finish in 2104. Considering the 78 years remaining we estimated the premium to the landlord for the lease extension to be within £13,300 and £15,400 plus costs.