Top reasons for Woodthorpe lease extension

Why you should commence your Woodthorpe lease extension today:

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

Woodthorpe residential property held on a long lease is a depreciating asset because a leaseholder merely owns the property for a set term.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not loan monies with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get jittery at around 75 years. This will cause difficulties when you need to market or remortgage your flat as it will be effectively unmortgageable. Even though you may not have an imminent plan to sell but when you do your purchaser must hold off for 2 years before they can exercise the right to a a lease extension.

What makes us experts in Woodthorpe lease extensions?

The conveyancers that we work with handle Woodthorpe lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Woodthorpe Lease Extension Case Studies:

Amelia, Woodthorpe, Nottinghamshire,

Subsequent to unsuccessful correspondence with the freeholder of her two bedroom apartment in Woodthorpe, Amelia initiated the lease extension process as the eighty year mark was swiftly approaching. The transaction was concluded in August 2015. The freeholder’s charges were kept to an absolute minimum.

Woodthorpe case:

In 2009 we were contacted by Mr and Mrs. S Jackson who, having took over the lease of a newly refurbished flat in Woodthorpe in October 1997. We are asked if we could approximate the premium would be to prolong the lease by a further 90 years. Comparative properties in Woodthorpe with a long lease were in the region of £254,200. The mid-range amount of ground rent was £60 collected monthly. The lease termination date was in 2077. Having 51 years left we approximated the compensation to the landlord for the lease extension to be between £43,700 and £50,600 exclusive of professional charges.

Woodthorpe case:

In 2010 we were contacted by Mr and Mrs. C Johnson who, having bought a first floor apartment in Woodthorpe in February 2004. We are asked if we could estimate the compensation to the landlord would be for a ninety year lease extension. Comparable properties in Woodthorpe with an extended lease were worth £215,600. The mid-range ground rent payable was £45 invoiced per annum. The lease ran out on 18 March 2088. Having 62 years outstanding we calculated the premium to the freeholder to extend the lease to be between £18,100 and £20,800 exclusive of fees.