Top reasons for Woodingdean lease extension

Top reasons for lease extension now:

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

For those whose Woodingdean property is held on a long lease, the message is clear – if you do nothing, your property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to procure a lease extension.

Woodingdean property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Woodingdean with in excess of 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lending institutions may not issue a mortgage on a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now want flats to have a minimum of sixty if not seventy years left at the end of the mortgage. Given that a number of flats in Woodingdean were built in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.

What makes us experts in Woodingdean lease extensions?

The lawyers that we work with procure Woodingdean 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 conveyancer we work with provide it.

Woodingdean Lease Extension Case Summaries:

Muhammad, Woodingdean, East Sussex,

Muhammad was the the leasehold proprietor of a 2 bedroom flat in Woodingdean on the market with a lease of a few days over 59 years unexpired. Muhammad on an informal basis spoke with his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £100 annually. No ground rent would be due on a lease extension were Muhammad to exercise his statutory right. Muhammad obtained expert advice and was able to make an informed decision and handle with the matter and sell the property.

Woodingdean case:

Ms C Brown moved into a garden flat in Woodingdean in May 1996. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by 90 years. Identical residencies in Woodingdean with an extended lease were in the region of £213,600. The mid-range amount of ground rent was £60 billed quarterly. The lease elapsed on 25 March 2083. Given that there were 57 years outstanding we calculated the premium to the landlord for the lease extension to be within £30,400 and £35,200 exclusive of professional charges.

Woodingdean case:

Last November we were called by Mrs S Morel , who owned a one bedroom flat in Woodingdean in April 1998. We are asked if we could approximate the price would likely be for a ninety year lease extension. Comparable flats in Woodingdean with a long lease were worth £200,000. The average ground rent payable was £50 billed quarterly. The lease lapsed in 2103. Taking into account 77 years unexpired we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of expenses.