Top reasons for Cowley lease extension

Why you should start your Cowley lease extension today:

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

There is no doubt about it a leasehold flat or house in Cowley is a wasting asset as a result of the diminishing lease term. If the residual term has, more than 125 years remaining then this decrease may be fractional that being said there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary reason why you should consider extending sooner than later. Many flat owners in Cowley will meet the qualifying criteria; however a lawyer will be able to advise if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lending institutions will not lend on a short lease

Banks and building societies are tightening their criteria and a meaningful number now require flats to have at least sixty if not seventy years left at the end of the mortgage. Considering plenty of flats in Cowley were built in the fifties, sixties and seventies this means many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in Cowley?

Engaging our service gives you better control over the value of your Cowley leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Cowley Lease Extension Case Studies:

Archie, Cowley, West London,

Archie was the the leasehold owner of a 2 bedroom apartment in Cowley on the market with a lease of fraction over 72 years unexpired. Archie informally contacted his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £200 per annum. Ordinarily, ground rent would not be due on a lease extension were Archie to invoke his statutory right. Archie obtained expert advice and secured an acceptable deal without going to tribunal and readily saleable.

Cowley case:

Last month we were e-mailed by Ms P Thompson , who owned a basement flat in Cowley in March 2010. The dilemma was if we could estimate the price would likely be to extend the lease by ninety years. Identical premises in Cowley with 100 year plus lease were worth £290,000. The average amount of ground rent was £45 billed annually. The lease lapsed in 2099. Taking into account 73 years remaining we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of legals.