Main reasons to commence your Woburn lease extension

Why you should start your Woburn lease extension today:

Increase your lease and increase your Woburn property value

The market value of Woburn leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate significantly once the remaining term is below than 80 years

An extended lease has roughly the same value as a freehold

Leasehold residencies in Woburn with more than 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 buying the freehold unless savings on ground rent and estate charges justify it.

Banks and Building Societies may not lend with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to become nervous at around 75 years. This will be problematic as and when you come to market or remortgage your flat as it will be effectively unmortgageable. You may not have an imminent plan to sell but when you do your buyer will have to hold off for two years before being able to exercise the right to a a lease extension.

Why use us for your lease extension in Woburn?

Lease extensions in Woburn can be a difficult process. We recommend you get professional help 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 in-depth market knowledge dealing with Woburn lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Woburn Lease Extension Case Summaries:

Theo, Woburn, Bedfordshire

In recent months Theo, started to get close to the 80-year threshold with the lease on his leasehold flat in Woburn. Having purchased his home two decades ago, the lease term was of no significance. by good luck, it dawned on him that he would imminently be paying an inflated amount for Extending the lease. Theo extended the lease just under the wire last January. Theo and the landlord in the end agreed on an amount of £5,500 . If the lease had slid below 80 years, the premium would have gone up by a minimum £875.

Woburn case:

Mr I Mitchell acquired a purpose-built flat in Woburn in January 1998. We are asked if we could approximate the price would likely be for a 90 year lease extension. Identical properties in Woburn with 100 year plus lease were worth £260,200. The mid-range amount of ground rent was £65 billed monthly. The lease lapsed in 2092. Taking into account 66 years remaining we estimated the compensation to the freeholder for the lease extension to be between £16,200 and £18,600 plus fees.

Woburn case:

Last year we were contacted by Mrs Alice Martínez , who took over the lease of a studio flat in Woburn in February 2000. We are asked if we could estimate the premium would likely be to extend the lease by 90 years. Similar premises in Woburn with a long lease were in the region of £198,800. The average amount of ground rent was £55 invoiced every twelve months. The lease expiry date was in 2081. Given that there were 55 years unexpired we estimated the compensation to the landlord to extend the lease to be between £33,300 and £38,400 plus expenses.