Main reasons to commence your Woodcote Green lease extension

Top reasons for lease extension now:

A Woodcote Green leasehold property depreciates with the years remaining on the lease.

Woodcote Green leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Woodcote Green tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Woodcote Green you would be well advised to see if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

Woodcote Green 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 unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions may not finance a property on a short lease

Mortgage lenders have set criteria when loaning monies charged on leasehold homes. Many will simply not lend at all once an unexpired lease term slips below a certain unexpired lease term. Many Lending institutions will not regard property with an unexpired below seventy years suitable security. As well as this being important when selling, it is also relevant if you are intending to remortgage your Woodcote Green property.

Why use us for your lease extension in Woodcote Green?

Regardless of whether you are a tenant or a freeholder in Woodcote Green,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Woodcote Green valuers.

Woodcote Green Lease Extension Example Cases:

Bethan, Woodcote Green, South London,

Trailing unsuccessful negotiations with the freeholder of her leasehold apartment in Woodcote Green, Bethan started the lease extension process just as her lease was approaching the crucial 80-year threshold. The transaction completed in September 2014. The landlord’s fees were kept to an absolute minimum.

Woodcote Green case:

In 2009 we were called by Dr O Green who, having acquired a recently refurbished flat in Woodcote Green in March 2006. The question was if we could shed any light on how much (approximately) premium could be to extend the lease by an additional years. Comparable residencies in Woodcote Green with 100 year plus lease were worth £280,000. The mid-range ground rent payable was £55 billed yearly. The lease ended on 4 August 2104. Given that there were 78 years left we approximated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 not including professional charges.