Why you should start your Woburn lease extension

Why you should start your Woburn lease extension today:

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

Woburn leases on domestic properties are gradually losing value. if your lease has approximately ninety years remaining, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you start incurring an additional element called marriage value. Flat owners in Woburn will mostly be legally entitled to a lease extension; however a solicitor will check your eligibility. In some circumstances you may not be entitled. There are prescribed timetables and steps to comply with once the process is initiated so it’s wise to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

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

Lenders may decide not to lend on a short lease

Nearly all banks and building societies insist on a lengthy amount of time remaining on a leasehold property before they will contemplate lending on it. Regardless of whether you need a mortgage, you should bear in mind that it is probable that someone wishing to purchase your property in the future might well do, so in the event that they are unable to secure a mortgage, then the value of your property will likely be adversely impacted. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Woburn?

Regardless of whether you are a tenant or a freeholder in Woburn,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Woburn valuers.

Woburn Lease Extension Case Studies:

Natasha, Woburn, Bedfordshire,

In the wake of eight months of lengthy negotiations with the landlord of her purpose-built apartment in Woburn, Natasha commenced the lease extension process just as her lease was coming close to the all-important 80-year deadline. The lease extension was finalised in October 2015. The landlord’s charges were restricted to under 450 GBP.

Woburn case:

In 2011 we were e-mailed by Mrs Jasmine Sharif who, having completed a first floor apartment in Woburn in September 1995. We are asked if we could estimate the price would be for a 90 year extension to my lease. Comparable properties in Woburn with a long lease were in the region of £174,200. The mid-range ground rent payable was £55 invoiced every twelve months. The lease expired on 25 January 2077. Taking into account 51 years unexpired we estimated the premium to the landlord to extend the lease to be within £31,400 and £36,200 plus professional charges.

Woburn case:

Last Autumn we were phoned by Ms J Young , who bought a one bedroom apartment in Woburn in November 2004. We are asked if we could estimate the price would likely be for a 90 year lease extension. Comparable premises in Woburn with an extended lease were worth £285,000. The mid-range ground rent payable was £45 collected annually. The lease termination date was on 1 February 2097. Taking into account 71 years remaining we calculated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of fees.