Why you should start your Woodbury lease extension

Top reasons for lease extension now:

Increase your lease and increase your Woodbury property value

When it comes to residential leasehold property in Woodbury, you are actually buying an entitlement to live in a property for a set period of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may think about extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease becomes disproportionately more expensive especially when there are less than 80 years remaining. Anyone in Woodbury with a lease nearing 81 years unexpired should seriously consider extending it sooner as opposed to later. When a lease has below 80 years remaining, under the relevant Act the landlord can calculate and charge a larger premium, based on a technical computation, known as “marriage value” which is due.

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

Leasehold residencies in Woodbury with over one hundred years remaining on the lease are often 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 to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Lenders will not grant a mortgage on short residential leases. You are likely to experience difficulties if you want to sell your flat in Woodbury if the unexpired term of your lease is under the criteria set by the majority of banks and building societies. Different lenders have varying criteria but in the main they are looking for a minimum remaining lease term of seventy years.

What makes us experts in Woodbury lease extensions?

Retaining our service gives you enhanced control over the value of your Woodbury leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Woodbury Lease Extension Example Cases:

Tyler, Woodbury, Devon,

Tyler was the the leasehold owner of a high value flat in Woodbury on the market with a lease of a few days over 61 years left. Tyler on an informal basis approached his landlord a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £125 per annum. Ordinarily, ground rent would not be payable on a lease extension were Tyler to invoke his statutory right. Tyler obtained expert legal guidance and secured satisfactory deal without resorting to tribunal and sell the property.

Woodbury case:

Dr A Williams owned a purpose-built apartment in Woodbury in January 2007. The dilemma was if we could shed any light on how much (roughly) price would be to prolong the lease by 90 years. Comparable residencies in Woodbury with a long lease were valued about £295,000. The average ground rent payable was £45 invoiced quarterly. The lease ended in 2100. Given that there were 74 years unexpired we estimated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of costs.

Woodbury case:

Mr and Mrs. D Reed completed a ground floor apartment in Woodbury in August 2001. The question was if we could estimate the premium would be to extend the lease by an additional years. Similar homes in Woodbury with an extended lease were in the region of £243,000. The average amount of ground rent was £65 billed per annum. The lease ended on 11 September 2089. Considering the 63 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £20,000 and £23,000 not including fees.