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

Why you should start your Woodside lease extension today:

Increase your lease and increase your Woodside property value

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 a lease extension can escalate significantly once the unexpired lease term is less than 80 years

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

Leasehold residencies in Woodside with over one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Mortgage lenders may decide not to lend with a short lease

The trend since the credit crunch has been for mortgage companies to tighten lending requirements across the board - this has extended to the property over which the home loan is to be charged. This has meant the unexpired lease term required by mortgage companies has increased. Historically lenders were content with twenty years plus the term of the loan - typically fifty year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Leeds Building Society 85 years remaining from the start of the mortgage.

What makes us experts in Woodside lease extensions?

Retaining our service gives you increased control over the value of your Woodside leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Woodside Lease Extension Example Cases:

Hannah, Woodside, South East London,

Trailing lengthy negotiations with the landlord of her ground floor apartment in Woodside, Hannah commenced the lease extension process just as her lease was approaching the all-important 80-year deadline. The lease extension was finalised in May 2006. The landlord’s fees were restricted to below 500 GBP.

Woodside case:

Last Spring we were phoned by Mr Finley Roberts , who took over the lease of a garden flat in Woodside in February 1995. The question was if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Identical residencies in Woodside with an extended lease were worth £200,800. The mid-range ground rent payable was £65 collected yearly. The lease termination date was on 25 August 2086. Taking into account 60 years unexpired we approximated the premium to the landlord to extend the lease to be between £20,900 and £24,200 exclusive of costs.

Decision in Croydon

An example of a Lease Extension case for a Woodside premises 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 related to 1 flat. The unexpired residue of the current lease was 69.46 years.