Top reasons for Woodside lease extension
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Main reasons to commence your Woodside lease extension today:
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/woodside">Woodside</a> property value </h4>
<p> 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 extending the lease can increase substantially once the unexpired lease term is less than 80 years
<h4>Woodside property with a lease extension is almost the same value as a freehold</h4>
<p> It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for many years in the future.
<h4>Banks and Building Societies may not lend with a short lease</h4>
The propensity since the credit crunch has been for mortgage companies to tighten lending criteria generally - this has extended to the property over which the home loan is to be charged. This has meant the minimum number of years remaining under the lease required by lenders has increased. In the past banks would lend on a lease with 25 years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.
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<th> Requirement
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<td>Bank of Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Barnsley Building Society</td>
<td> 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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<td>National Westminster Bank</td>
<td> Mortgage term plus 30 years.<br /><br />For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
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<td>Royal Bank of Scotland</td>
<td> Mortgage term plus 30 years.
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<td>Yorkshire Building Society</td>
<td> 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
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Why use us for your lease extension in Woodside? </h4>
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Lease extensions in Woodside can be a difficult process. We recommend you procure professional help from a lawyer and valuer well versed in the legislation and lease extension process.
<p>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 in-depth market knowledge dealing with Woodside lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
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Woodside Lease Extension Case Studies:
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<h5> Austin, Woodside, South East London,</h5>
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Austin owned a studio apartment in Woodside being marketed with a lease of fraction over 61 years remaining. Austin on an informal basis contacted his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 annually. No ground rent would be payable on a lease extension were Austin to invoke his statutory right. Austin obtained expert legal guidance and was able to make a more informed decision and deal with the matter and ending up with a market value flat.
<h5>Woodside case:</h5>
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In 2009 we were e-mailed by Mr Ryan Bernard who, having was assigned a lease of a ground floor apartment in Woodside in October 2011. The question was if we could shed any light on how much (approximately) premium would likely be to extend the lease by a further 90 years. Similar properties in Woodside with 100 year plus lease were valued about £285,000. The average amount of ground rent was £55 collected monthly. The lease ran out on 7 January 2106. Taking into account 80 years remaining we approximated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including legals.
<div> <h5>Decision in Croydon</h5>
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An example of a Lease Extension case for a Woodside residence 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 was in relation to 1 flat. The remaining number of years on the lease was 69.46 years.
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