Top reasons for Cowley lease extension

Why you should commence your Cowley lease extension today:

Increase your lease and increase your Cowley property value

Owning a apartment usually means owning a lease of the property, which has a finite term of years. your lease will usually be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Cowley. Clearly, the length of lease remaining shortens as time goes by. This may pass by relatively unnoticed when the flat or house has to be sold or refinanced. The fewer the years remaining the less it is worth and the more it will cost to obtain a lease extension. Eligible long lease owners in Cowley have the legal entitlement to extend the lease for a further ninety years in accordance with Leasehold Reform legislation. Do give careful consideration before delaying your Cowley lease extension. Putting off the cost now simply increases the price you will eventually have to pay to extend your lease

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies will not loan monies on a short lease

Most banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should be aware that it is likely that someone wanting to purchase your property in the future might well do, so in the event that they are not able to get a mortgage, then the market price of your property could suffer. In the last decade most banks and building societies have increased the required minimum lease length that they are willing to accept

What makes us experts in Cowley lease extensions?

Irrespective of whether you are a tenant or a freeholder in Cowley,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Cowley valuers.

Cowley Lease Extension Case Summaries:

Sebastian, Cowley, West London,

Sebastian owned a studio apartment in Cowley being marketed with a lease of a few days over sixty years remaining. Sebastian informally spoke with his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Sebastian to exercise his statutory right. Sebastian procured expert legal guidance and secured satisfactory resolution informally and ending up with a market value flat.

Cowley case:

Dr Caitlin Peterson purchased a purpose-built flat in Cowley in April 1999. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by ninety years. Comparable homes in Cowley with a long lease were in the region of £252,800. The mid-range ground rent payable was £65 invoiced every twelve months. The lease ran out in 2091. Given that there were 65 years remaining we approximated the premium to the freeholder to extend the lease to be within £17,100 and £19,800 plus fees.