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Why you should commence your Cowley lease extension

Main reasons to start your Cowley lease extension today:

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

Cowley residential property owned on a long lease is a depreciating asset as the leaseholder only owns the property for a set term.

Cowley property with a lease extension has roughly the same value as a freehold

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

Mortgage lenders may decide not to grant a mortgage on a short lease

Most mortgage lenders have tightened lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly below seventy years as they are considered to be unacceptable security.

Lender Requirement
Accord Mortgages 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.
Leeds Building Society 85 years remaining from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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.

Why use us for your lease extension in Cowley?

The lawyers that we work with undertake Cowley lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Cowley Lease Extension Case Studies:

Oliver, Cowley, West London

In recent months Oliver, started to get near to the 80-year mark with the lease on his garden flat in Cowley. Having bought his flat two decades ago, the lease term was of minimal significance. Luckily, he realised he would imminently be paying an inflated amount for a lease extension. Oliver arranged for a lease extension at the eleventh hour in August. Oliver and the freeholder ultimately settled on a premium of £6,000 . If the lease had dropped lower than 80 years, the price would have gone up by at least £950.

Cowley case:

Dr Nathan Roux moved into a garden apartment in Cowley in August 2000. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by a further 90 years. Identical properties in Cowley with a long lease were worth £257,800. The average amount of ground rent was £65 invoiced yearly. The lease came to a finish in 2089. Given that there were 65 years left we calculated the compensation to the landlord for the lease extension to be within £18,100 and £20,800 plus legals.

Decision in Hillingdon

An example of a Freehold Enfranchisement matter before the tribunal for a Cowley premises is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case was in relation to 2 flats. The remaining number of years on the lease was 69 years.