There is no doubt about it a leasehold property in Woodside is a wasting asset as a result of the diminishing lease term. Where the residual term has, in excess of 100 years remaining then this decrease may be fractional that being said there will become a point in time when a lease has less than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should consider extending sooner than later. Many flat owners in Woodside will meet the qualifying criteria; that being said a conveyancing solicitor can advise whether you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold properties in Woodside with more than 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Nationwide Building Society | |
| Skipton Building Society | |
| TSB |
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.
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 procuring Woodside lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
16 months ago Jayden, came seriously near to the eighty-year threshold with the lease on his ground floor flat in Woodside. In buying his home two decades ago, the lease term was of little significance. Thankfully, he realised he would imminently be paying an escalated premium for Extending the lease. Jayden extended the lease just under the wire last June. Jayden and the freeholder via the management company in the end agreed on the final figure of £6,000 . If the lease had dropped lower than 80 years, the sum would have gone up by a minimum £875.
Last Summer we were e-mailed by Mr and Mrs. J Cox , who took over the lease of a ground floor apartment in Woodside in June 2012. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year extension to my lease. Comparable flats in Woodside with a long lease were worth £218,000. The average amount of ground rent was £45 collected quarterly. The lease ran out on 25 July 2089. Considering the 63 years left we estimated the compensation to the freeholder for the lease extension to be between £17,100 and £19,800 exclusive of costs.
An example of a Lease Extension matter before the tribunal for a Woodside property 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 remaining number of years on the lease was 69.46 years.