Top reasons for Woolwich lease extension

Top reasons for lease extension now:

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

Woolwich leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Most owners of residential leasehold property in Woolwich enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Woolwich you really ought to see if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value

An extended lease is almost the same value as a freehold

Leasehold residencies in Woolwich with more than one hundred years outstanding on the lease are sometimes referred to as ‘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 service charges merit it.

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

Banks and building societies are really clamping down as regards to homes in Woolwich with short leases. For example you might discover that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus limiting your market.

Why use us for your lease extension in Woolwich?

Using our service gives you enhanced control over the value of your Woolwich leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Woolwich Lease Extension Case Summaries:

Tommy, Woolwich, South East London

In recent months Tommy, started to get close to the 80-year mark with the lease on his basement flat in Woolwich. In buying his property two decades ago, the length of the lease was of minimal significance. As luck would have it, he became aware that he would imminently be paying an inflated amount for Extending the lease. Tommy was able to extend his lease at the eleventh hour in June. Tommy and the freeholder ultimately agreed on a premium of £5,500 . If the lease had dipped below 80 years, the premium would have become more costly by a minimum £875.

Woolwich case:

Mr and Mrs. W Hill bought a garden flat in Woolwich in August 1996. We are asked if we could shed any light on how much (approximately) premium could be to extend the lease by 90 years. Similar residencies in Woolwich with an extended lease were valued about £285,000. The mid-range ground rent payable was £45 invoiced monthly. The lease ran out on 18 September 2097. Given that there were 71 years remaining we estimated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus fees.