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Get a quote from one of our lease extension experts with over 20 years experience.

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Top reasons for Woodside lease extension

Top reasons for lease extension now:

Increase your lease and increase your Woodside property value

Chances are that where you own a flat in Woodside you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions may not issue a mortgage on a short lease

Nearly all banks and building societies will be unwilling to grant a mortgage on a lease with less than 70 years unexpired - although this varies between mortgage companies. A buyer will likely encounter difficulties to obtain a mortgage and this could result in your Woodside property being difficult to sell or refinance.

Lender Requirement
Accord Mortgages 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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaing from the start of the mortgage.

Why use us for your lease extension in Woodside?

Lease extensions in Woodside can be a difficult process. We recommend you procure professional help from a lawyer and surveyor with experience in lease extensions.

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 a wealth of experience 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.

Woodside Lease Extension Case Summaries:

Amelia, Woodside, South East London,

After lengthy negotiations with the landlord of her garden flat in Woodside, Amelia started the lease extension process as the eighty year threshold was rapidly nearing. The lease extension completed in March 2015. The freeholder’s charges were kept to an absolute minimum.

Woodside case:

In 2014 we were e-mailed by Dr Luke Clarke who, having was assigned a lease of a one bedroom apartment in Woodside in August 2000. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Comparative residencies in Woodside with 100 year plus lease were valued around £208,200. The mid-range amount of ground rent was £65 billed yearly. The lease terminated in 2084. Considering the 61 years unexpired we estimated the compensation to the landlord to extend the lease to be between £19,000 and £22,000 plus fees.

Decision in Croydon

An example of a Lease Extension decision 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 was in relation to 1 flat. The remaining number of years on the lease was 69.46 years.