Woodside Lease Extension - Free Consultation

Get a Quote

Before you progress with your lease extension in Woodside
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Main reasons to start your Woodside lease extension

Why you should commence your Woodside lease extension today:

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

Woodside residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a period of years.

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

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

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

Lending institutions have specific criteria when loaning monies charged on leasehold property. Some will simply refrain from lending at all once an unexpired lease term goes below a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than seventy years as acceptable security. As well as this being important when selling, it is also relevant where you are seeking to refinance your Woodside home.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barclays plc Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).

Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage.

Why use us for your lease extension in Woodside?

Retaining our service gives you better control over the value of your Woodside leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Woodside Lease Extension Example Cases:

Holly, Woodside, South East London,

Off the back of unsuccessful negotiations with the landlord of her studio apartment in Woodside, Holly commenced the lease extension process as the 80 year mark was quickly coming. The legal work was finalised in September 2006. The freeholder’s charges were kept to an absolute minimum.

Woodside case:

Ms Rebecca Scott was assigned a lease of a studio apartment in Woodside in June 2010. We are asked if we could estimate the price would likely be to prolong the lease by a further 90 years. Identical flats in Woodside with 100 year plus lease were valued around £183,600. The average ground rent payable was £65 billed monthly. The lease end date was in 2082. Having 57 years unexpired we calculated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 not including expenses.

Decision in Croydon

An example of a Lease Extension decision for a Woodside premises is Ground Floor Flat 14 Lodge Road in October 2013. the tribunal held that the price payable for the acquisition of the extended lease of the property should be £12,590 .00 This case affected 1 flat. The number of years remaining on the existing lease(s) was 69.46 years.