Woodborough leases on residential deteriorating in value. Where your lease has approximately ninety years remaining, you should start thinking about a lease extension. An important point to note is that it is desirable for the lease extension to take place before the term of the current lease drops lower than eighty years - otherwise a higher amount will be due. Flat owners in Woodborough will mostly be legally entitled to a lease extension; however a solicitor will check if you qualify. In some situations you may not be entitled. There are also strict deadlines and procedures to follow once the process is triggered so it’s wise to be guided by a conveyancer during the process.
Leasehold residencies in Woodborough with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Chelsea Building Society | |
| Halifax | |
| Santander |
Lease extensions in Woodborough can be a difficult process. We recommend you get guidance from a conveyancer and valuer well versed in the legislation and lease extension process.
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 a wealth of experience procuring Woodborough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Alexander owned a conversion flat in Woodborough being marketed with a lease of a few days over 59 years unexpired. Alexander informally approached his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 per annum. Ordinarily, ground rent would not be payable on a lease extension were Alexander to invoke his statutory right. Alexander obtained expert advice and was able to make an informed judgement and deal with the matter and ending up with a market value flat.
In 2011 we were e-mailed by Mrs Kate Peterson who, having moved into a first floor flat in Woodborough in April 2004. We are asked if we could approximate the premium would be to extend the lease by 90 years. Comparable properties in Woodborough with an extended lease were in the region of £275,000. The average ground rent payable was £45 billed annually. The lease ran out in 2095. Considering the 69 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 not including legals.
Mrs Caitlin Davies purchased a one bedroom apartment in Woodborough in May 2008. We are asked if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Comparative premises in Woodborough with 100 year plus lease were in the region of £216,000. The average ground rent payable was £60 collected annually. The lease ended on 27 October 2084. Having 58 years outstanding we estimated the premium to the landlord for the lease extension to be within £28,500 and £33,000 exclusive of costs.