Why you should start your Cowley lease extension

Main reasons to commence your Cowley lease extension today:

Increase your lease and increase your Cowley property value

There is no doubt about it a leasehold property in Cowley is a wasting asset as a result of the shortening lease. If the lease has, more than 99 years remaining then this decrease may be of little impact nevertheless there will become a stage when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main rational as to why you should consider extending sooner than later. Many flat owners in Cowley will meet the qualifying criteria; nevertheless a conveyancer can confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

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

Leasehold properties in Cowley with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may decide not to loan monies on a short lease

Lenders are really restricting their approach as regards to properties in Cowley with short leases. For instance you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus narrowing the number of prospective purchasers.

Get in touch with one of our Cowley lease extension solicitors or enfranchisement solicitors

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

Cowley Lease Extension Case Summaries:

Milo, Cowley, West London

Last October Milo, started to get close to the eighty-year mark with the lease on his studio apartment in Cowley. In buying his flat twenty years previously, the unexpired term was of little importance. Luckily, he noticed he needed to take steps soon on a lease extension. Milo arranged for a lease extension at the eleventh hour in May. Milo and the landlord in the end settled on a premium of £5,500 . If he had missed the deadline, the price would have become more exhorbitant by a minimum £1,025.

Cowley case:

In 2014 we were contacted by Mr and Mrs. O Williams who, having purchased a purpose-built apartment in Cowley in May 2009. The question was if we could estimate the compensation to the landlord could be to extend the lease by an additional years. Comparative homes in Cowley with an extended lease were in the region of £285,000. The average ground rent payable was £45 invoiced per annum. The lease termination date was in 2098. Having 72 years outstanding we calculated the premium to the landlord to extend the lease to be within £12,400 and £14,200 not including costs.