Top reasons for Four Oaks lease extension

Top reasons for lease extension now:

A Four Oaks lease depreciates with the years remaining on the lease.

Four Oaks leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Four Oaks enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Four Oaks you would be well advised to check if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value

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

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders may not finance a property with a short lease

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

Using our service will provide you enhanced control over the value of your Four Oaks leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Four Oaks Lease Extension Example Cases:

Luca, Four Oaks, Birmingham,

Luca was the the leasehold owner of a conversion apartment in Four Oaks being marketed with a lease of a little over sixty years unexpired. Luca on an informal basis approached his landlord being a well known Manchester-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 annually. Ordinarily, ground rent would not be due on a lease extension were Luca to exercise his statutory right. Luca obtained expert legal guidance and secured an acceptable resolution informally and ending up with a market value flat.

Four Oaks case:

In 2009 we were e-mailed by Mr H Díaz who, having took over the lease of a first floor apartment in Four Oaks in May 2010. The dilemma was if we could approximate the premium could be to extend the lease by a further 90 years. Identical properties in Four Oaks with an extended lease were worth £191,400. The mid-range amount of ground rent was £55 collected every twelve months. The lease came to a finish on 5 July 2080. Having 54 years as a residual term we approximated the premium to the landlord to extend the lease to be within £34,200 and £39,600 exclusive of legals.

Four Oaks case:

Last Autumn we were contacted by Mr E David , who purchased a first floor apartment in Four Oaks in September 1999. The question was if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Identical flats in Four Oaks with 100 year plus lease were worth £295,000. The average ground rent payable was £45 invoiced annually. The lease terminated in 2100. Given that there were 74 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus expenses.