Top reasons for Woodborough lease extension

Why you should commence your Woodborough lease extension today:

Increase your lease and increase your Woodborough property value

On the balance of probabilities where you own a flat in Woodborough you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

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

Many banks and building societies require a lengthy amount of time remaining on any leasehold property before they will contemplate lending on it. Even if you don't need a mortgage, you should bear in mind that it is likely that someone wanting to buy your property in the future might well do, so if they are not able to secure a mortgage, then the financial worth of the property will likely be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are prepared to lend on

Why use us for your lease extension in Woodborough?

Regardless of whether you are a tenant or a freeholder in Woodborough,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 in-depth market knowledge and the close ties they enjoy with Woodborough valuers.

Woodborough Lease Extension Example Cases:

Leon, Woodborough, Nottinghamshire

In recent months Leon, came dangerously close to the eighty-year mark with the lease on his first floor apartment in Woodborough. In buying his home twenty years ago, the unexpired term was of no significance. by good luck, he noticed he would soon be paying way over the odds for Extending the lease. Leon extended the lease just under the wire last March. Leon and the landlord who owned the flat above subsequently agreed on a premium of £5,500 . If he failed to meet the deadline, the price would have gone up by at least £975.

Woodborough case:

Mrs I Ricardo purchased a newly refurbished flat in Woodborough in July 1997. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Identical homes in Woodborough with 100 year plus lease were worth £208,600. The mid-range ground rent payable was £60 invoiced annually. The lease elapsed in 2083. Given that there were 57 years unexpired we estimated the premium to the landlord for the lease extension to be within £30,400 and £35,200 plus professional charges.

Woodborough case:

In 2013 we were contacted by Dr H Morel who, having took over the lease of a studio apartment in Woodborough in May 2010. The question was if we could approximate the price would likely be for a 90 year extension to my lease. Comparable premises in Woodborough with 100 year plus lease were in the region of £200,000. The average ground rent payable was £50 collected annually. The lease came to a finish on 20 July 2103. Having 77 years remaining we approximated the premium to the landlord to extend the lease to be within £8,600 and £9,800 plus legals.