Why you should start your Woolton lease extension

Main reasons to start your Woolton lease extension today:

Increase your lease and increase your Woolton property value

Woolton 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 your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Woolton residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Woolton you must see 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 part of the premium you will incur is what is known as a marriage value

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

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for many years ahead.

Lenders may decide not to finance a property with a short lease

Most banks have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are considered to be inadequate for lending purposes.

What makes us experts in Woolton lease extensions?

The lawyers that we work with handle Woolton 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 lawyer we work with provide it.

Woolton Lease Extension Example Cases:

Ben, Woolton, Merseyside

During the course of the last few months Ben, came seriously near to the eighty-year threshold with the lease on his leasehold flat in Woolton. Having bought his home twenty years ago, the length of the lease was of little interest. Thankfully, he became aware that he needed to take steps soon on Extending the lease. Ben arranged for a lease extension at the eleventh hour last March. Ben and the landlord in the end settled on the final figure of £6,000 . If the lease had dipped lower than 80 years, the price would have become more exhorbitant by a minimum £1,000.

Woolton case:

In 2012 we were called by Mr and Mrs. K Ali who, having bought a recently refurbished apartment in Woolton in February 1996. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by a further 90 years. Comparative flats in Woolton with a long lease were valued about £260,200. The mid-range amount of ground rent was £65 billed quarterly. The lease finished in 2092. Having 66 years unexpired we approximated the compensation to the landlord to extend the lease to be within £16,200 and £18,600 exclusive of costs.

Woolton case:

Dr Leo Jones acquired a one bedroom apartment in Woolton in July 2004. We are asked if we could approximate the premium could be to extend the lease by 90 years. Comparative flats in Woolton with a long lease were in the region of £198,800. The mid-range amount of ground rent was £55 collected yearly. The lease lapsed on 15 July 2081. Considering the 55 years unexpired we calculated the compensation to the landlord to extend the lease to be between £33,300 and £38,400 not including legals.