Why you should start your Woodingdean lease extension

Main reasons to start your Woodingdean lease extension today:

Increase your lease and increase your Woodingdean property value

Woodingdean leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Woodingdean residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Woodingdean you should check if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

Woodingdean property with a lease extension is almost the same value as a freehold

It is generally considered that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lenders may decide not to lend with a short lease

Almost all banks and building societies will be unwilling to grant a mortgage on a lease with less than 70 years unexpired - although this varies from lender to lender. A purchaser will likely encounter difficulties in obtaining a mortgage and this will result in your Woodingdean property becoming difficult to sell or remortgage.

Why use us for your lease extension in Woodingdean?

Irrespective of whether you are a tenant or a freeholder in Woodingdean,the lease extension solicitors 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 Woodingdean valuers.

Woodingdean Lease Extension Example Cases:

Anna, Woodingdean, East Sussex,

In the wake of 6 months of lengthy correspondence with the landlord of her basement apartment in Woodingdean, Anna commenced the lease extension process as the 80 year mark was rapidly coming. The legal work was concluded in September 2005. The landlord’s fees were restricted to below 450 GBP.

Woodingdean case:

Last July we were contacted by Ms M Brown , who took over the lease of a garden apartment in Woodingdean in April 2009. The question was if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by 90 years. Similar residencies in Woodingdean with an extended lease were worth £300,000. The average ground rent payable was £50 collected annually. The lease elapsed in 2102. Considering the 76 years left we calculated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus fees.

Woodingdean case:

Mr G Patel moved into a one bedroom flat in Woodingdean in August 2000. We are asked if we could approximate the price could be to prolong the lease by an additional years. Similar residencies in Woodingdean with 100 year plus lease were worth £257,800. The mid-range amount of ground rent was £65 invoiced quarterly. The lease ran out on 11 March 2091. Considering the 65 years outstanding we estimated the compensation to the landlord for the lease extension to be between £18,100 and £20,800 plus expenses.