Woodley leases on domestic properties are gradually losing value. Where your lease has about 90 years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you begin paying an additional element called marriage value. Leasehold owners in Woodley will usually qualify for a lease extension; however It would be wise to check with a lawyer to confirm your eligibility. In certain cases you may not be entitled. There are prescribed timetables and procedures to comply with once the process has started so it’s wise to be guided by a lawyer during the process.
Leasehold residencies in Woodley with over one hundred 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 upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Skipton Building Society | |
| TSB |
Lease extensions in Woodley can be a difficult process. We recommend you procure professional help from a lawyer and surveyor well versed in the legislation and lease extension process.
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 procuring Woodley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After protracted negotiations with the landlord of her two bedroom flat in Woodley, Mia commenced the lease extension process as the 80 year deadline was quickly advancing. The lease extension was finalised in February 2012. The freeholder’s costs were kept to an absolute minimum.
In 2011 we were contacted by Mr and Mrs. A Wood who, having moved into a basement flat in Woodley in July 1998. The dilemma was if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Similar flats in Woodley with 100 year plus lease were in the region of £208,200. The mid-range amount of ground rent was £65 invoiced annually. The lease finished in 2087. Having 61 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 plus expenses.
In 2013 we were e-mailed by Mr and Mrs. L Lambert who, having moved into a first floor flat in Woodley in February 2011. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by an additional years. Similar properties in Woodley with 100 year plus lease were worth £260,000. The average ground rent payable was £50 billed quarterly. The lease lapsed on 23 October 2098. Having 72 years left we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including legals.