For those whose Woodcote home is held on a long lease, the message is clear – if no remedial action is taken, your property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more expensive it will be to procure a lease extension.
It is generally considered that a property 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 unexpired, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| National Westminster Bank | |
| Santander | |
| Skipton Building Society |
The lawyers that we work with handle Woodcote 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.
Alfie was the the leasehold owner of a 2 bedroom apartment in Woodcote on the market with a lease of fraction over 59 years left. Alfie informally approached his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Alfie to invoke his statutory right. Alfie procured expert advice and secured an acceptable deal informally and readily saleable.
Last Winter we were e-mailed by Dr Hollie Mercier , who moved into a purpose-built apartment in Woodcote in May 2000. The question was if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Similar flats in Woodcote with an extended lease were in the region of £300,000. The mid-range ground rent payable was £50 invoiced per annum. The lease terminated on 10 January 2102. Considering the 76 years left we estimated the premium to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of professional charges.
Last year we were phoned by Mrs E Cooper , who took over the lease of a one bedroom flat in Woodcote in June 2003. We are asked if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Comparative homes in Woodcote with an extended lease were in the region of £257,800. The average amount of ground rent was £65 collected annually. The lease elapsed in 2091. Considering the 65 years remaining we estimated the compensation to the landlord to extend the lease to be within £17,100 and £19,800 not including fees.