Top reasons for Woodside lease extension

Main reasons to start your Woodside lease extension today:

Increase your lease and increase your Woodside property value

The value of Woodside leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate materialy once the unexpired lease term is below than eighty years

An extended lease is almost the same value as a freehold

Leasehold premises in Woodside with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value 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.

Banks and Building Societies may not finance a property with a short lease

Many banks and building societies insist on a lengthy amount of time remaining on any leasehold property before they will contemplate lending on it. Regardless of whether you require a mortgage, you should keep in mind that it is likely that someone wishing to buy your property in the future might well do, so where they can't obtain a mortgage, then the market price of the property will likely suffer. Since 2008 many banks and building societies have increased the required minimum lease length that they are prepared to accept

What makes us experts in Woodside lease extensions?

The conveyancers that we work with undertake 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 Example Cases:

Ben, Woodside, South East London,

Ben owned a high value apartment in Woodside on the market with a lease of a little over 59 years remaining. Ben informally contacted his landlord a well known Manchester-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 yearly. No ground rent would be due on a lease extension were Ben to invoke his statutory right. Ben obtained expert legal guidance and was able to make an informed decision and deal with the matter and sell the flat.

Woodside case:

In 2014 we were e-mailed by Mr Harry Sharif who, having purchased a studio apartment in Woodside in April 2003. The dilemma was if we could approximate the premium would likely be to prolong the lease by ninety years. Identical residencies in Woodside with an extended lease were worth £280,000. The average amount of ground rent was £55 billed quarterly. The lease ended in 2104. Given that there were 78 years outstanding we calculated the premium to the landlord for the lease extension to be between £13,300 and £15,400 not including legals.