The nearer a domestic lease in Olney nears to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, in excess of 125 years remaining then this decrease may be fractional nevertheless there will become a stage when a lease has less 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 main logic behind why you should extend the lease sooner than later. Most flat owners in Olney will qualify for this right; that being said a conveyancing solicitor can confirm whether you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is generally considered that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Olney can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in lease extensions.
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 dealing with Olney lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After unsuccessful discussions with the landlord of her two bedroom flat in Olney, Alisha started the lease extension process just as her lease was coming close to the all-important 80-year deadline. The lease extension completed in March 2005. The landlord’s fees were kept to an absolute minimum.
Last Summer we were called by Dr D Peterson , who was assigned a lease of a purpose-built apartment in Olney in February 2010. The dilemma was if we could estimate the premium would be for a 90 year extension to my lease. Identical flats in Olney with a long lease were worth £183,600. The mid-range ground rent payable was £65 collected annually. The lease came to a finish in 2081. Given that there were 57 years remaining we calculated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 exclusive of professional charges.
Ms I Torres took over the lease of a newly refurbished apartment in Olney in August 2004. We are asked if we could approximate the premium would be to extend the lease by ninety years. Similar homes in Olney with a long lease were valued around £245,000. The mid-range ground rent payable was £45 billed quarterly. The lease finished on 23 January 2092. Given that there were 68 years outstanding we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including legals.