Woodcote Green leases on residential deteriorating in value. Where your lease has about 90 years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease drops below this level then you start incurring an additional element called marriage value. Leasehold owners in Woodcote Green will usually be legally entitled to a lease extension; however a solicitor should be able confirm if you qualify. In some situations you may not be entitled. There are also strict timetables and formalities to comply with once the process is initiated so it’s prudent to be guided by a conveyancer during the process.
It is generally considered that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
Regardless of whether you are a tenant or a landlord in Woodcote Green,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Woodcote Green valuers.
In 2014 Luca, started to get close to the 80-year threshold with the lease on his leasehold flat in Woodcote Green. In buying his property two decades ago, the length of the lease was of minimal importance. by good luck, he became aware that he would imminently be paying an escalated premium for a lease extension. Luca extended the lease just under the wire in August. Luca and the landlord who owned the flat above eventually settled on an amount of £6,000 . If the lease had dipped lower than eighty years, the sum would have gone up by a minimum £875.
Mr S Rose moved into a one bedroom apartment in Woodcote Green in September 2009. The question was if we could estimate the price could be for a 90 year lease extension. Comparative flats in Woodcote Green with 100 year plus lease were in the region of £270,000. The average ground rent payable was £55 collected quarterly. The lease came to a finish in 2101. Taking into account 75 years unexpired we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus fees.
An example of a Lease Extension decision for a Woodcote Green residence 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 affected 1 flat. The unexpired lease term was 71.73 years.