Why you should start your Woodhouse Eaves lease extension

Why you should start your Woodhouse Eaves lease extension today:

A Woodhouse Eaves leasehold property depreciates with the years remaining on the lease.

When it comes to domestic leasehold property in Woodhouse Eaves, you effectively rent it for a certain amount of time. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you may think about extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly notably once there are fewer than 80 years left. Residents in Woodhouse Eaves with a lease nearing 81 years unexpired should seriously consider extending it without delay. Once the lease term has under eighty years left, under the relevant Act the freeholder is entitled to calculate and charge a greater amount, based on a technical multiplication, known as “marriage value” which is payable.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an further ninety 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 loan monies with a short lease

Mortgage companies do not like short residential leases. You most probably experience problems if you need to sell your flat in Woodhouse Eaves if the unexpired lease term is below the criteria set by most lenders. Different mortgage companies have varying requirements but on the whole theyrequire an unexpired term of at least seventy years.

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

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

Woodhouse Eaves Lease Extension Example Cases:

Jordan, Woodhouse Eaves, Leicestershire,

Trailing unsuccessful negotiations with the freeholder of her garden apartment in Woodhouse Eaves, Jordan started the lease extension process as the eighty year threshold was rapidly advancing. The transaction was finalised in August 2010. The landlord’s fees were kept to an absolute minimum.

Woodhouse Eaves case:

Mr B Kelly acquired a basement flat in Woodhouse Eaves in July 2008. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar premises in Woodhouse Eaves with an extended lease were valued around £290,000. The mid-range ground rent payable was £45 invoiced yearly. The lease finished on 20 November 2099. Considering the 73 years outstanding we approximated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of fees.

Woodhouse Eaves case:

Last Spring we were approach by Dr Ryan López , who took over the lease of a studio flat in Woodhouse Eaves in July 2001. The question was if we could estimate the premium would be for a 90 year extension to my lease. Comparable properties in Woodhouse Eaves with an extended lease were in the region of £240,600. The average amount of ground rent was £60 billed annually. The lease ended in 2088. Having 62 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £21,900 and £25,200 plus professional charges.