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Get a quote from one of our lease extension experts with over 20 years experience.

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Why you should start your Woodford lease extension

Why you should start your Woodford lease extension today:

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

On the balance of probabilities where you own a flat in Woodford you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over 100 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 many years ahead.

Banks and Building Societies will not loan monies with a short lease

Many banks and building societies will be unwilling to lend on a lease with under seventy years unexpired - although this varies between mortgage companies. A buyer will likely find it difficult in obtaining a mortgage and this will result in your Woodford property being difficult to sell or remortgage.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Yorkshire 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.

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

Lease extensions in Woodford can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Woodford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Woodford Lease Extension Case Summaries:

Paige, Woodford, North East London,

Off the back of lengthy discussions with the freeholder of her studio apartment in Woodford, Paige commenced the lease extension process as the eighty year mark was rapidly nearing. The lease extension was concluded in March 2007. The freeholder’s fees were restricted to less than six hundred GBP.

Woodford case:

In 2010 we were approached by Dr Natasha Taylor who, having took over the lease of a one bedroom apartment in Woodford in March 2012. The question was if we could estimate the premium would be to extend the lease by a further 90 years. Identical residencies in Woodford with an extended lease were in the region of £216,000. The mid-range ground rent payable was £60 billed monthly. The lease lapsed in 2083. Considering the 58 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 not including legals.

Decision in Redbridge

An example of a Freehold Enfranchisement decision for a Woodford flat is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case related to 2 flats. The remaining number of years on the lease was 69.26 years.