Main reasons to commence your Woodford lease extension

Why you should commence your Woodford lease extension today:

A Woodford leasehold property depreciates with the years remaining on the lease.

There is no doubt about it a leasehold property in Woodford is a wasting asset as a result of the diminishing lease term. Where the residual term has, over 125 years to run then this decrease may be negligible that being said there will become a stage when a lease has less than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should consider extending without delay. The majority of flat owners in Woodford will qualify for this right; that being said a conveyancing solicitor will be able to confirm whether you qualify for a lease extension. In limited 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 has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders may not lend on a short lease

Lending institutions have set criteria when loaning funds secured on leasehold property. Some will simply refrain from lending at all once an unexpired lease term drops below a certain unexpired lease term. Many Mortgage lenders will not consider property with a remaining below seventy years as adequate security. In addition to this being important when selling, it is also relevant if you are intending to remortgage your Woodford property.

What makes us experts in Woodford lease extensions?

Retaining our service gives you better control over the value of your Woodford leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Woodford Lease Extension Example Cases:

Molly, Woodford, North East London,

Following lengthy correspondence with the landlord of her leasehold apartment in Woodford, Molly started the lease extension process just as the lease was coming close to the all-important 80-year deadline. The transaction was finalised in April 2011. The freeholder’s fees were negotiated to less than four hundred pounds.

Woodford case:

Last month we were called by Dr Chantelle Rodríguez , who took over the lease of a one bedroom apartment in Woodford in January 2005. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparative flats in Woodford with an extended lease were worth £191,400. The average amount of ground rent was £55 invoiced quarterly. The lease lapsed on 26 August 2080. Taking into account 54 years remaining we estimated the premium to the freeholder for the lease extension to be between £34,200 and £39,600 not including costs.