Unfortunately that a Woodcote Green residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the reduction being disguised by increases in the Woodcote Green property market.Once your lease gets to 85ish years, you should start considering a lease extension. If the number of years remaining drops below eighty years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property Most flat owners in Woodcote Green will be able to extend under the legislation; however a conveyancer should be able to confirm if you are eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to follow once the process is initiated and you will need to be guided by your lawyer for the duration of the formalities.
It is generally accepted that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Nationwide Building Society | |
| Santander | |
| Virgin |
Lease extensions in Woodcote Green can be a difficult process. We recommend you obtain professional help from a lawyer 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 in-depth market knowledge dealing with Woodcote Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Cameron owned a 2 bedroom apartment in Woodcote Green on the market with a lease of just over sixty years outstanding. Cameron on an informal basis approached his landlord a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £125 per annum. Ordinarily, ground rent would not be due on a lease extension were Cameron to invoke his statutory right. Cameron procured expert legal guidance and was able to make a more informed judgement and deal with the matter and sell the property.
Mr and Mrs. K Morgan completed a garden apartment in Woodcote Green in March 2012. The dilemma was if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Identical properties in Woodcote Green with a long lease were valued around £254,200. The average amount of ground rent was £60 invoiced annually. The lease ran out in 2077. Considering the 51 years remaining we approximated the premium to the freeholder for the lease extension to be within £43,700 and £50,600 plus fees.
An example of a Lease Extension matter before the tribunal for a Woodcote Green flat is Ground Floor Maisonette 17 Milton Road in January 2014. The Tribunal determined the premium payable by the Applicant to the should be £13,299 This case related to 1 flat. The remaining number of years on the lease was 71.73 years.