The closer a domestic lease in Woolwich nears to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, beyond 99 years to run then this decrease may be negligible that being said there will become a point in time when a lease has under than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should extend the lease without delay. Most flat owners in Woolwich will qualify for this right; nevertheless a lawyer should be able to advise whether you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
Leasehold premises in Woolwich with more than one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Woolwich can be a difficult process. We recommend you secure guidance from a conveyancer 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 a wealth of experience procuring Woolwich lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Edward owned a studio flat in Woolwich on the market with a lease of fraction over 59 years outstanding. Edward on an informal basis approached his landlord a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Edward to invoke his statutory right. Edward procured expert legal guidance and was able to make an informed judgement and handle with the matter and sell the flat.
Mrs A Nelson took over the lease of a garden apartment in Woolwich in August 1998. We are asked if we could estimate the price would likely be to prolong the lease by 90 years. Comparable homes in Woolwich with an extended lease were in the region of £290,000. The mid-range ground rent payable was £45 invoiced monthly. The lease ran out in 2097. Taking into account 72 years unexpired we approximated the premium to the freeholder for the lease extension to be between £11,400 and £13,200 plus fees.
An example of a Lease Extension case for a Woolwich premises is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case affected 1 flat. The unexpired term as at the valuation date was 69.77 years.