Top reasons for Woodside lease extension

Why you should start your Woodside lease extension today:

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

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 extending the lease can increase materialy once the unexpired lease term is less than 80 years

Woodside property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to loan monies with a short lease

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 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.

Woodside Lease Extension Example Cases:

Daniel, Woodside, South East London

In 2014 Daniel, came critically close to the 80-year mark with the lease on his two bedroom apartment in Woodside. Having purchased his property two decades ago, the lease term was of minimal bearing. Thankfully, he became aware that he needed to take action soon on Extending the lease. Daniel extended the lease at the eleventh hour in June. Daniel and the freeholder via the managing agents ultimately agreed on the final figure of £6,000 . If the lease had dipped below eighty years, the price would have gone up by at least £950.

Woodside case:

In 2012 we were contacted by Mr and Mrs. H Gómez who, having completed a newly refurbished flat in Woodside in August 2011. The question was if we could shed any light on how much (roughly) price could be to extend the lease by 90 years. Comparative properties in Woodside with an extended lease were valued about £254,200. The average amount of ground rent was £60 billed per annum. The lease concluded in 2077. Given that there were 51 years unexpired we calculated the premium to the freeholder to extend the lease to be between £43,700 and £50,600 plus fees.