Why you should commence your Woodbury lease extension

Why you should start your Woodbury lease extension today:

A Woodbury leasehold property depreciates with the years remaining on the lease.

Woodbury leases on residential deteriorating in value. if your lease has approximately 90 years unexpired, you should start thinking about a lease extension. If lease term falls under eighty years, you will then have to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Woodbury will usually be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In certain circumstances you may not be entitled. There are prescribed deadlines and procedures to comply with once the process has started so it’s sensible to be guided by a lawyer during the process.

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

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to issue a mortgage on a short lease

Lenders are making their criteria more stringent and a meaningful number now want flats to have a minimum of 60 if not 70 years remaining at the end of the mortgage. As many flats in Woodbury were built in the fifties, sixties and seventies this means many now need to be extended if they wish to obtain a mortgage.

Why use us for your lease extension in Woodbury?

The conveyancers that we work with handle Woodbury lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Woodbury Lease Extension Case Summaries:

Alicia, Woodbury, Devon,

Trailing lengthy correspondence with the landlord of her leasehold apartment in Woodbury, Alicia commenced the lease extension process as the eighty year deadline was fast approaching. The legal work was concluded in July 2010. The landlord’s fees were negotiated to under 650 GBP.

Woodbury case:

Mrs Zoe Laurent bought a first floor apartment in Woodbury in November 1998. We are asked if we could approximate the price would likely be to extend the lease by a further 90 years. Comparative premises in Woodbury with an extended lease were worth £260,200. The mid-range amount of ground rent was £65 collected every twelve months. The lease ran out on 5 November 2092. Considering the 66 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £15,200 and £17,600 plus legals.

Woodbury case:

In 2013 we were e-mailed by Mr and Mrs. U Peterson who, having completed a studio apartment in Woodbury in March 2008. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Identical premises in Woodbury with an extended lease were valued around £198,800. The average ground rent payable was £55 invoiced per annum. The lease elapsed on 5 August 2081. Taking into account 55 years remaining we approximated the compensation to the landlord to extend the lease to be between £33,300 and £38,400 exclusive of professional charges.