Why you should commence your Woodhouse Eaves lease extension

Top reasons for lease extension now:

Increase your lease and increase your Woodhouse Eaves property value

With a long leasehold premises in Woodhouse Eaves, you effectively rent it for a certain period of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may think about extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly particularly when there are less than eighty years left. Anyone in Woodhouse Eaves with a lease drawing near to 81 years remaining should seriously think of extending it sooner rather than later. Once the lease term has less than 80 years outstanding, under the relevant legislation the landlord is entitled to calculate and levy a greater premium, based on a technical computation, strangely termed as “marriage value” which is due.

An extended lease is almost the same value as a freehold

Leasehold premises in Woodhouse Eaves with more than one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may decide not to finance a property with a short lease

Banks and building societies are making their criteria more stringent and many now want flats to have a minimum of 60 if not 70 years left at the end of the mortgage. As a number of flats in Woodhouse Eaves were created in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

What makes us experts in Woodhouse Eaves lease extensions?

The conveyancing solicitors that we work with procure Woodhouse Eaves 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 conveyancing solicitor we work with provide it.

Woodhouse Eaves Lease Extension Case Summaries:

Kirsty, Woodhouse Eaves, Leicestershire,

Off the back of unsuccessful correspondence with the landlord of her leasehold apartment in Woodhouse Eaves, Kirsty initiated the lease extension process just as the lease was coming close to the critical 80-year mark. The lease extension was finalised in February 2012. The freeholder’s fees were negotiated to about 550 pounds.

Woodhouse Eaves case:

Last Spring we were phoned by Mrs Isabelle Bernard , who purchased a basement flat in Woodhouse Eaves in November 2010. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by an additional years. Comparable flats in Woodhouse Eaves with an extended lease were worth £233,200. The mid-range amount of ground rent was £60 collected quarterly. The lease elapsed on 27 November 2087. Taking into account 61 years remaining we calculated the compensation to the freeholder to extend the lease to be within £22,800 and £26,400 plus legals.

Woodhouse Eaves case:

Last Summer we were contacted by Dr E François , who bought a purpose-built apartment in Woodhouse Eaves in July 2003. The dilemma was if we could shed any light on how much (approximately) price could be to prolong the lease by ninety years. Similar premises in Woodhouse Eaves with 100 year plus lease were valued around £171,800. The average amount of ground rent was £55 billed yearly. The lease finished in 2076. Given that there were 50 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £33,300 and £38,400 plus costs.