Top reasons for Woolwich lease extension
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Why you should start your Woolwich lease extension today: </h3>
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/woolwich">Woolwich</a> property value </h4>
<p> It’s an underpublicised certainty that a Woolwich residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the loss of value being disguised by increases in the Woolwich property market.Where your lease has approximately ninety years left, you should start thinking about a lease extension. If the number of years remaining falls below eighty years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of leasehold owners in Woolwich will be able to extend under the legislation; however a lawyer should be able to clarify if you are eligibility. In some situations you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancing solicitor for the duration of the formalities.
<h4>An extended lease has roughly the same value as a freehold</h4>
<p> It is generally accepted that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
<h4>Banks and Building Societies will not loan monies on a short lease</h4>
Most mortgage lenders have narrowed their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are considered to be deficient security.
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<td>Barnsley Building Society</td>
<td> 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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<td>Halifax</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Leeds Building Society</td>
<td> 85 years remaining from the start of the mortgage.
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<td>Skipton Building Society</td>
<td> 85 years from the date of completion of the mortgage<br /><br />For Buy to Let cases:<br />- lettings must not breach any of the lessee’s covenants; and<br />- consent of the lessor to lettings must be obtained if necessary
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<td>Royal Bank of Scotland</td>
<td> Mortgage term plus 30 years.
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What makes us experts in Woolwich lease extensions?
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Lease extensions in Woolwich can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer with experience in this area.
<p>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 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.
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Woolwich Lease Extension Example Cases:
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<h5> Noah, Woolwich, South East London,</h5>
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Noah owned a high value flat in Woolwich on the market with a lease of a few days over 61 years outstanding. Noah informally spoke with his landlord being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £50 yearly. No ground rent would be due on a lease extension were Noah to invoke his statutory right. Noah procured expert advice and secured satisfactory deal without going to tribunal and readily saleable.
<h5>Woolwich case:</h5>
<p> Ms Kelsey Khan purchased a studio flat in Woolwich in March 1998. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Comparable residencies in Woolwich with 100 year plus lease were worth £280,000. The average ground rent payable was £45 collected yearly. The lease elapsed on 3 April 2095. Considering the 69 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including expenses.
<div> <h5>Decision in Newham</h5>
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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 was in relation to 1 flat. The number of years remaining on the existing lease(s) was 69.77 years.
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