Why you should start your Woodside lease extension

Top reasons for lease extension now:

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

Woodside leases on residential properties are gradually losing value. Where your lease has approximately ninety years left, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you begin paying an additional element called marriage value. Flat owners in Woodside will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In some circumstances you may not qualify. There are also strict deadlines and steps to follow once the process has started so it’s prudent to be guided by a conveyancer during the process.

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

Leasehold residencies in Woodside with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Mortgage lenders will not finance a property with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to become nervous at around 75 years. This will be problematic when you come to market or remortgage your property as it will be practically unmortgageable. Even though you might not have an imminent desire to sell but when you do your buyer will need to wait a couple of years before they can commence the legal procedures for a lease extension.

Get in touch with one of our Woodside lease extension solicitors or enfranchisement solicitors

The lawyers that we work with handle Woodside 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.

Woodside Lease Extension Case Summaries:

Adam, Woodside, South East London

16 months ago Adam, started to get near to the eighty-year threshold with the lease on his leasehold apartment in Woodside. Having bought his property twenty years previously, the unexpired term was of minimal importance. Thankfully, he noticed he would imminently be paying an inflated amount for Extending the lease. Adam arranged for a lease extension just under the wire last August. Adam and the freeholder via the managing agents eventually settled on the final figure of £5,000 . If he had missed the deadline, the figure would have escalated by at least £1,075.

Woodside case:

Last February we were phoned by Mr and Mrs. Y Cooper , who took over the lease of a basement apartment in Woodside in June 2007. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by 90 years. Comparative flats in Woodside with 100 year plus lease were in the region of £242,600. The average ground rent payable was £45 billed every twelve months. The lease expiry date was in 2093. Having 67 years unexpired we estimated the premium to the landlord to extend the lease to be between £11,400 and £13,200 plus fees.