Why you should commence your Woodcote lease extension

Main reasons to commence your Woodcote lease extension today:

A Woodcote lease depreciates with the years remaining on the lease.

The closer a residential lease in Woodcote nears to zero years unexpired, the more it reduces the value of the property. Where the residual term has, over 100 years remaining then this decrease may be fractional however there will become a stage when a lease has under than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main rational as to why you should consider extending sooner as opposed to later. Many flat owners in Woodcote will qualify for this right; nevertheless a conveyancing solicitor will be able to advise whether you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lenders may decide not to lend on a short lease

Almost all mortgage lenders will be unwilling to grant a mortgage on a lease with less than seventy years left to run - although this varies from lender to lender. A purchaser will likely find it difficult to obtain a mortgage and this will result in your Woodcote property being difficult to dispose of or to obtain finance on.

Get in touch with one of our Woodcote lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a landlord in Woodcote,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Woodcote valuers.

Woodcote Lease Extension Example Cases:

Aaron, Woodcote, Oxfordshire

Two years ago Aaron, started to get close to the 80-year threshold with the lease on his garden apartment in Woodcote. In buying his home 18 years ago, the length of the lease was of no concern. Fortunately, it dawned on him that he would soon be paying way over the odds for a lease extension. Aaron arranged for a lease extension just under the wire last September. Aaron and the freeholder via the management company eventually settled on the final figure of £5,000 . If the lease had slipped below eighty years, the price would have escalated by at least £1,150.

Woodcote case:

Last Spring we were e-mailed by Dr I Bernard , who moved into a newly refurbished apartment in Woodcote in August 2006. The dilemma was if we could estimate the price would likely be to prolong the lease by an additional years. Similar properties in Woodcote with 100 year plus lease were worth £250,400. The mid-range amount of ground rent was £65 collected quarterly. The lease terminated in 2090. Having 64 years outstanding we approximated the compensation to the landlord to extend the lease to be within £19,000 and £22,000 exclusive of expenses.

Woodcote case:

In 2009 we were called by Dr L Rose who, having moved into a ground floor flat in Woodcote in April 2005. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by 90 years. Identical flats in Woodcote with a long lease were in the region of £189,000. The average ground rent payable was £55 invoiced per annum. The lease finished on 26 March 2079. Considering the 53 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of costs.