Top reasons for Cowley lease extension

Main reasons to commence your Cowley lease extension today:

Increase your lease and increase your Cowley property value

Unfortunately that a Cowley residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the early years due to the reduction being disguised by increases in the Cowley property prices.Once your lease gets to 85ish years, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips lower than eighty years - otherwise a higher premium will be payable. The majority of flat owners in Cowley will be able to extend under the legislation; however a conveyancer should be able to confirm whether you are eligibility. In some cases you may not qualify. There are also strict deadlines and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancing solicitor from beginning to end of the formalities.

Cowley property with a lease extension is almost the same value as a freehold

Leasehold premises in Cowley with over 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may decide not to finance a property on a short lease

The propensity since the credit crunch has been for banks to tighten lending requirements across the board - this has extended to the property over which the home loan is to be charged. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. In the past mortgage companies were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

What makes us experts in Cowley lease extensions?

Lease extensions in Cowley can be a difficult process. We recommend you get guidance from a lawyer 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 procuring Cowley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Cowley Lease Extension Case Studies:

Alexander, Cowley, West London,

Alexander was the the leasehold owner of a studio apartment in Cowley being marketed with a lease of a few days over 61 years remaining. Alexander on an informal basis spoke with his freeholder a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Alexander to invoke his statutory right. Alexander obtained expert advice and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Cowley case:

Dr Morgan Morris completed a basement apartment in Cowley in February 2010. The question was if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Comparative residencies in Cowley with 100 year plus lease were worth £166,800. The mid-range ground rent payable was £50 invoiced monthly. The lease lapsed in 2076. Taking into account 50 years outstanding we approximated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 exclusive of legals.