Why you should commence your Woodside lease extension

Main reasons to commence your Woodside lease extension today:

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

Woodside leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Most owners of residential leasehold property in Woodside enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Woodside you really ought to check if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

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

Leasehold premises in Woodside with over one hundred years unexpired 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 home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

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

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to become concerned at around 75 years. This may cause difficulties as and when you need to market or refinance your property as it will be effectively unmortgageable. You may not have an imminent desire to sell but when you do your purchaser must hold off for 2 years before being able to exercise the right to a a lease extension.

Why use us for your lease extension in Woodside?

Lease extensions in Woodside can be a difficult process. We recommend you obtain guidance from a conveyancer 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.

Woodside Lease Extension Example Cases:

Dylan, Woodside, South East London

During the course of the last few months Dylan, came seriously close to the eighty-year mark with the lease on his first floor apartment in Woodside. In buying his home 19 years ago, the unexpired term was of little interest. As luck would have it, he became aware that he would soon be paying an inflated amount for Extending the lease. Dylan arranged for a lease extension at the eleventh hour in April. Dylan and the freeholder via the management company eventually agreed on an amount of £5,000 . If he failed to meet the deadline, the figure would have increased by a minimum £1,150.

Woodside case:

Mrs N White owned a one bedroom flat in Woodside in March 2003. The dilemma was if we could approximate the price would likely be to prolong the lease by a further 90 years. Comparable residencies in Woodside with a long lease were valued about £168,800. The mid-range amount of ground rent was £60 billed yearly. The lease terminated on 2 October 2081. Having 55 years left we calculated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 plus legals.