Stop! Your Lease Extension in Woodside Could Be FREE

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Many leaseholders in Woodside are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Woodside has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to commence your Woodside lease extension

Main reasons to start your Woodside lease extension today:

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

For those whose Woodside flat is held on a long lease, our message is clear – if nothing is done, your property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to obtain a lease extension.

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

It is generally accepted that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies may not lend on a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly below seventy years as they are regarded as unacceptable security.

Lender Requirement
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Leeds Building Society 85 years remaining from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Yorkshire Building Society 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.

What makes us experts in Woodside lease extensions?

The conveyancers that we work with procure 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 lawyer we work with provide it.

Woodside Lease Extension Case Studies:

Sarah, Woodside, South East London,

Trailing lengthy correspondence with the landlord of her basement flat in Woodside, Sarah commenced the lease extension process as the 80 year mark was quickly nearing. The transaction completed in April 2008. The freeholder’s costs were kept to an absolute minimum.

Woodside case:

In 2010 we were called by Mrs Jennifer Richardson who, having completed a recently refurbished flat in Woodside in April 2012. The dilemma was if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Similar premises in Woodside with 100 year plus lease were worth £260,000. The mid-range ground rent payable was £50 invoiced yearly. The lease came to a finish in 2098. Considering the 72 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of expenses.

Decision in Croydon

An example of a Lease Extension matter before the tribunal for a Woodside flat 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.